Good morning, ladies and gentlemen, welcome to Turquoise Hill second quarter financial results conference call. At this time, note that all participants are in a listen-only mode. Following the presentation, we will conduct a question and answer session. If at any time during this call you require immediate assistance, please press star zero for the operator. Also note that the call is being recorded on Friday, July 30th, 2021. I would like to turn the conference over to Roy McDowall. Please go ahead, sir. Thank you, Sylvie. Good morning. I'm Roy McDowall, Head of Investor Relations and Communications. Welcome to our Q2 2021 financial results conference call. On Thursday, we released our Q2 2021 results press release, MD&A, and financial statements. These items are available on our website in SEDAR. With me on the call today are Steve Thibeault, our Interim Chief Executive Officer, Luke Colton, our Chief Financial Officer, and Jo-Anne Dudley, our Chief Operating Officer. This call and presentation includes certain forward-looking statements and information. We refer you to the forward-looking statements section of the annual information form dated March eight, 2021, as supplemented by our MD&A for the three and six months ended June 30th, 2021. Now I'd like to turn the call over to Steve. Thank you, Roy. Thank you, Roy. Good morning to everyone. Thank you for joining us for our second quarter 2021 earnings call. Jo-Anne, Luke, and I will be available for Q&A following our presentation. Please note slides two and three contain our cautionary statements. I would encourage you to read through them. I will now walk through the second quarter 2021 update and open the call up to Q&A. Turning to slide five, the Oyu Tolgoi team turned in another strong quarter from both a safety and production perspective, while considering the impact of COVID-19 related challenges. The health and safety of our workforce is our top priority. Oyu Tolgoi reported an All-Injury Frequency Rate of zero point one four for the six months ended June 30th, 2021, and produced 36.7 thousand tons of copper and over 113 ounces of gold. For 2021, we are maintaining our production guidance to 150,000-180,000 tons of copper and 400,000-480,000 ounces of gold. The quarter was not without its challenges, as the surge in COVID-19 cases in Mongolia and on-site prompted a series of lockdowns in country that resulted in Oyu Tolgoi staffing level operating as low as 25% of plan at certain periods during the quarter. Following the declaration of force majeure announced by the company in March 2021, concentrate shipments to Chinese customers have recommenced and have begun to ramp up from April 15th, 2021, with the transport team continually adapting to the precautionary measures against COVID-19 transmission risk. Oyu Tolgoi continued to work closely with Mongolian and Chinese authorities to manage supply chain disruptions. The force majeure will remain in place until sustained volume of convoys crossing the border can meet Oyu Tolgoi ongoing commitments to customers and on-site concentrate inventory returns to target levels. We continue to advance the underground development project with overall project construction remaining broadly in line with the definitive estimate. While all project related technical criteria are on track to initiate the undercut, given the cumulative and ongoing impact of COVID-19, delayed commitments resulting from the non-approval of the definitive estimate budget by the OT board, and outstanding non-technical issues related to the undercut decision, the company expects that there will be further impact on overall project cost and schedule. Sustainable production is still targeted for October 2022, and we will continue to monitor the situation and update the market as appropriate. From the financial perspective, our estimated base case incremental funding requirement has increased by $100 million to $2.4 billion at June 30th, 2021. Taking into consideration the resequencing of the open pit ore phases, the additional 2021 underground development cost impact of the known COVID-19 issues up to June 30th, 2021, as well as improved commodity prices forecast. Our available liquidity of $0.7 billion is expected to be sufficient to fund the company requirements into Q3 2022. Moving to slide six. During Q2 2021, Oyu Tolgoi produced over 36,000 tons of copper and 113 ounces of gold with a C1 cash cost of $0.83 per pound. Production was lower than from Q1 2021 due to slower mining rate in the higher grade Phase 4B, which resulted in an increase in lower grade stockpile material being processed through the mill. Personnel number on site, which at times were below 25% of planned performance, adversely impacted both the open pit operation and the underground traffic. For the remainder of 2021, it is anticipated that the mill feed will continue to be comprised of higher grade Phase 4B and lower grade stockpile. As was outlined in the introduction, we remain on track for our updated 2021 production guidance. Mill throughput of 9.4 million tons was above nameplate capacity, was slightly lower than in Q1 2021 due to COVID-19 related lower personnel numbers and plant maintenance activities. Despite the COVID-19 challenges, the Oyu Tolgoi team has done a great job implementing additional controls and implementing and operating the open pit during Q2 2021, and remain on track to achieve 2021 production guidance of 160,000-180,000 tons of copper and 400,000-480,000 ounces of gold. With that, I now hand the call over to Luke Colton, our Chief Financial Officer. Thanks, Steve, and good morning to everyone on the call. Please turn to slide seven and I'll provide a summary of our key financial metrics for Q2 2021. Revenue for Q2 2021 increased 14% from Q2 of 2020. Gold revenue increased by $75 million, and that's driven by a six percent increase in average gold prices and 136% increase in the volume of gold in concentrates sold, which reflected the scheduled move to the higher grade areas of Phase 4B. Copper revenue decreased by $34 million from Q2 2020, reflecting a 51% decrease in the volume of copper in concentrates sold, which was mainly the result of the force majeure, partly offset by the impact of an 83% increase in average copper prices. Cash generated from operating activities before interest and tax improved by $261 million in Q2 2021 compared to Q1 2021, benefiting primarily from an increase in gross margin, as well as favorable movements in deferred revenue, the latter impacted by the timing of ramp-up in concentrate shipments during the quarter following the declaration of force majeure, as well as related contingency measures to improve OT short-term liquidity. C1 cash costs and all-in sustaining costs both benefited from the $75 million increase in gold revenue credits. For all-in sustaining costs, this benefit was partially offset by higher royalty costs due to the increased sales revenue. Capital expenditure in Q1 2021 was $230 million, and that comprised of $211 million on the underground and $19 million on the open pit. Capital expenditure for the same period last year was $262 million. Despite lower than expected year-to-date 2021 capital expenditure, which was due mainly to the impact of COVID-19 restrictions and controls, TRQ's full year guidance for open pit capital of $105 million-$125 million, and for underground capital of $0.9 billion-$1 billion, are still expected to be achieved, though underground capital in particular may come in at the lower end of that range. Turning to slide eight, Turquoise Hill had liquidity of $0.7 billion at the end of Q2 2021, which is expected to be sufficient to meet the company's requirements into Q3 of 2022. Additionally, TRQ's base case incremental funding requirement increased by $100 million to $2.4 billion as of June 30, 2021. This increase is primarily related to the resequencing of ore phases of the Oyu Tolgoi open pit mine. The additional 2021 underground development cost impacts of the known COVID-19 issues up to 30th of June 2021, which are estimated to be approximately $100 million. These are partially offset by improved commodity price forecasts. Our liquidity outlook and estimated incremental funding requirement will continue to be impacted, either positively or negatively, by various factors, many of which are outside the company's control. The company continues to monitor commodity markets, the ongoing impacts of COVID-19, work underway to resolve the non-technical undercut and other issues, as well as other key factors in assessing its incremental funding requirements, and intends to continue its work with Rio Tinto, the government of Mongolia, and other stakeholders to source approvals for and to implement the funding heads of agreement which Rio Tinto signed in April of 2021. Successful implementation of this heads of agreement is subject to achieving alignment with the relevant stakeholders, which include Rio Tinto, the Government of Mongolia, existing lenders, and any potential new lenders. TRQ will continue to provide updates as appropriate on the implementation's progress. With that, I'll hand the call over to Jo-Anne Dudley, our chief operating officer. Thank you very much, Luke. If we turn to slide nine, please. COVID-19 continued to significantly impact the Oyu Tolgoi mine in Q2 2021, with constraints on site personnel numbers and domestic and international travel, which adversely impacted both open pit operations and the underground project. The additional 2021 development cost impact of the known COVID-19 delays up to June 30, 2021, is estimated to be approximately $100 million. This estimate includes incremental travel, accommodation, quarantine, and standby costs, as well as accounting for productivity impacts. As the COVID-19 impacts remain ongoing, the company will continue to monitor them and update the market as appropriate. Despite these additional COVID-19 challenges, overall construction progress on Materials Handling System 1, which while not required for undercut commencement, is required for sustainable production, remains broadly in line with the definitive estimate and is now over 90% complete. Work also continued on Primary Crusher 1, which is expected to be completed in Q3 of this year. Specialized shaft sinking personnel have arrived in Mongolia to prepare for the recommencement of sinking activity in Shafts 3 and 4. While Shafts 3 and 4 are not required to support the commencement of Panel Zero, they are required to support production from Panels 1 and 2 during the ramp up to 95,000 tons per day. The commencement of the undercut is a key milestone and is critical to ensure that once commenced, the undercut and drill point construction continues unimpeded. From a technical perspective, all lateral development and production drilling to initiate the undercut is complete, with supporting infrastructure for Panel Zero production on track for completion under the current site conditions. However, the exact timing of the undercut is under increasing pressure, principally due to the outstanding non-technical criteria, which are yet to be met, and also the risks associated with the rapidly evolving COVID-19 situation. Turquoise Hill, through its wholly owned subsidiaries, Asia Gold Mongolia LLC, Heruga Exploration LLC, and SGLS LLC, operates an exploration program in Mongolia on three licenses that are not part of Oyu Tolgoi. Current restrictions on people movements in the Omnogovi and Dornogovi provinces have resulted in delays to our fieldwork, which we're planning to begin in Q3. Safety remains our first priority, and appropriate measures will be maintained to protect our exploration team, contractors, and the communities in which we work. With that, I'll hand the call back over to Steve. Thank you, Jo-Anne. Turning to slide 10. I would like to outline the key underground development milestone we are focused on for the balance of 2021 and into 2022, taking us to sustainable production for Panel Zero. First and foremost, the health and safety of our employees and local community remain our top priority. Oyu Tolgoi will continue to work with the Mongolian health authorities to best manage the current COVID-19 situation. The company continued to focus on meeting the necessary criteria to enable undercut commencement. Although we faced significant challenges during Q2 2021, including from COVID-related constraints, all project-related technical criteria to support the initiation of the undercut are either completed or on track to be achieved. Turquoise Hill, Rio Tinto, and Oyu Tolgoi continue to engage with various Mongolian governmental bodies with a view to resolving outstanding non-technical undercut criteria, and all parties remain committed to moving the project forward in a mutually beneficial manner. However, as we have previously noted, delayed resolution of the non-technical undercut criteria thus far has delayed the company expected timing for the initiation of the undercut. Decisions on the non-technical criteria have continued to move forward, and TRQ is currently working to return to Mongolia for formal discussion with government officials. As Luke discussed, the company liquidity of $0.7 billion at the end of Q2 2021 is expected to be sufficient to meet its requirement, including funding of underground development on to Q3 2022, and we intend to continue to work with Rio Tinto, the government of Mongolia, and other stakeholders to source approval for and to implement the funding heads of agreement. The company will continue to work with Rio Tinto, the government of Mongolia, and other stakeholders with a focus on advancing these important priorities and will continue to provide updates as and when appropriate. Before I turn the call for Q&As, I would like to extend my sincere gratitude to the Oyu Tolgoi team and the government of Mongolia for their coordinated effort to prioritize the health and safety of the Oyu Tolgoi workforce and the local community. I would like to thank you all for taking the time to join our Q2 2021 conference call, and I would now like to turn the call back to the operator for any questions. Thank you, Mr. Thibeault. Ladies and gentlemen, if you do have a question at this time, please press star followed by one on your touch-tone phone. You will then hear a three-tone prompt acknowledging your request. Should you decide to withdraw your question, simply press star followed by two. If you're using a speakerphone, we do ask that you please lift the handset before pressing any keys. Please go ahead and press star one now if you have any questions. Your first question will be from Orest Wowkodaw at Scotiabank. Please go ahead. Hi, good morning. Steve, can you give us a better sense of where things stand on the discussions with the government with respect to resolving the non-technical criteria? Are we at the beginning stages? Are we close to the end? Any color you can share, whether you need to split that up by the different issues in terms of the non-technical, maybe that would be helpful. Yeah. Okay. First, Orest Wowkodaw, I think it's important to understand that over the last couple of months, we have a very difficult situation in terms of environment. Okay. We had the COVID-19 that has hit the site in Mongolia. There was a presidential election that created a focus on the government on that particular thing, and we had that. There was a difficult environment. In the meantime, what we've done is that during that period of time, we have first progress on the technical criteria, as we mentioned, but we have also continued having discussion with some of the government officials. Okay. We have continued to work continuously with the government bodies to engage and to move the things on the non-critical criteria. Work has been done and has continued. Okay. Now, Orest, it's very important. Everybody are all committed to the project. What we want to do is to make sure that we're moving as fast as possible. That's why the TRQ and Rio Tinto team will be back in Mongolia in August to start the discussion and continue the discussion on a more formal basis. You should expect also that the first discussion will be really to discuss the aspect related to the undercut criteria. Okay? That will be the first one. We believe that discussion around cost and benefit, and Resolution 92 can be in parallel, but could take more time. That would be the idea. Okay. Just following up on that, Steve, your disclosure talks about the delays in starting the undercut at some point are going to have a material impact on the sustainable first production and capital numbers, et cetera. I realize it's not linear, but at what point does that happen? Is it a three-month delay, a five-month delay? When do we need to get concerned that we've reached that materiality threshold of delay? Yeah. You're right, Orest. It's not linear, and it's difficult for me to tell you exactly if the three months will give you a significant one, because there's a lot of activity that needs to be undertaken to evaluate what will be the impact and what will be the consequences. I would say that the only thing I can tell you is that we will definitely work and inform you when we have better information and when we progress. The key point is that we're focusing on the negotiation. We have the team, and we're working as fast as possible to resolve it. When we have better information, we'll update you. If this is not resolved in this quarter, let's say by the end of the third quarter, is that material or not material? I don't want to give a number, but I would not say that would be material. It depends on the delay, you're right. This quarter, from my point of view, would not be material, Orest. Okay. That's helpful. Thank you, Steve. Okay. Thank you. Next question will be from Ralph Profiti at Eight Capital. Please go ahead. Good morning. Thanks for taking my questions. Hi, Ralph. How are you? I'm good, Steve. Thank you. Steve, I want to delve into specifically the approval of the definitive estimate and the budget uptake. I'm trying to understand a little bit better the body of work that the government is doing to get themselves comfortable with the original cost overruns. Are these strictly discussions that you're having with them, and sort of at the table? Or is the government performing things like independent economic evaluations outside of the scope of the technical report, where these go further than just merely discussions of you getting them over the line? I'm trying to understand what exactly is needed to convince them to sign off on those two specific matters. Okay. Some work was being done. The OT board has commissioned an independent consulting group to review these costs and the schedule. Okay? That report will be deposited shortly. Based on that information, that will be a report that will be available for the government as a shareholder, as we are in TRQ, to understand more clearly the cause and the reason of the delays and also the additional costs. Based on that distinctly will be information that will be used. I know also there distinctly, or I am assuming they would have people that would help them from a financial perspective through models to understand what it is. Firstly, the core of the information would be that report for them. Okay. Thanks for that. That's helpful. Yep. My second question is, as it pertains to the debt reprofiling and in the contingency that there are scheduling delays and the potential to roll over into different tranches of project finances coming due, are you limited only to the $1.4 billion in debt reprofiling? Can you go more, or does that risk of scheduling and CapEx strictly fall on the potential funding gap from an equity issue perspective? Okay. Luke, would you like to answer that question? Sure. I will do my best to answer that question. Just generally from a reprofiling perspective, while we do provide the lenders with status updates, et cetera, we haven't been able to formally progress those reprofiling discussions. We're still waiting to source the necessary approvals at the OT board level and to get our fellow directors comfortable with the commencement of those reprofiling efforts. We are working hard to do that and that's something that we absolutely want to progress over the next few months. In terms of the benefit we think that we can get from reprofiling, we do still think we can get a benefit of up to $1.4 billion, and that's just a function of the sort of principal repayments that come due over the relevant period of the incremental funding requirement. If we are able to reprofile the debt, and our intention is still to do that, then over the relevant funding gap period, the benefit of that would be up to $1.4 billion. That remains our focus. Got it. Understood. Okay. Thanks, Luke. Thank you, Steve. Thank you, Ralph. Your next question will be from Hayden Bairstow at Macquarie. Please go ahead. Hi, guys. It's Hayden Bairstow from Macquarie. Just a couple questions from me. Firstly, just on the shafts, particularly three and four, just interested to understand the timing on that. Assuming we get Panel Zero underway, at what point do those shafts need to be finished to start the development work? I think Panel 2 is coming before Panel 1, from memory. To make sure that when you run up Panel Zero into full production. You can then transfer into Panel 2 without slowing down again. Okay. Jo-Anne Dudley will answer that question for you, Hayden Bairstow. Thank you. Thanks, Hayden, for that question. Just in terms of Shafts 3 and 4 and the delays that we're seeing at the moment as a result of the COVID-19 situation and impact, in particular on travel, as well as restrictions on people movement, we don't need shaft three and four for the Panel Zero production to ramp up to approximately 30,000 tons a day. We do need it to ramp up post Panel Zero. As you noted, Panels 2 and 1. Optimization work is being carried out to date to try to minimize the impact of delays. There are limits on what we can do with the ventilation that we have, and any further significant delays could impact that ramp up post Panel Zero, causing a delay to the increase in production beyond about 30,000 tons per day. We continue to work on trying to optimize the work that's done with the ventilation we have. However, the schedule impacts of COVID-19 are being assessed, and they'll continue to be assessed, and we'll provide an update, as and when we are able to. As you can appreciate, it is a difficult situation at this time. You're comfortable, Jo-Anne Dudley, that no matter how much of a delay there is on this, all it means is you run Panel Zero. It doesn't have a massive amount of reserves in it at 30,000 tons a day and you just don't push the expansion through. Is that the main impact here, or is there a risk to a slowing of production between the two panels? I guess I'd say that the kinds of delays that we might be looking at at the moment are not long delays. I think that's something to really think about, is that we have personnel on-site. Well, in country and some on-site to recommence work. At the moment, we're planning to recommence in August. There are plans at the moment to remobilize larger amounts of people to site, and all of the workforce working on-site is vaccinated. Although we are seeing ongoing impacts of COVID, it is a situation that we are certainly working to try to ramp up personnel. The kind of delay that we may see, is something that we certainly will come back with. We're not in the position at this stage to definitively say there is a delay. Hopefully, that helps. That we are hoping to restart sinking in August. Yeah, okay. On the undercut itself, I'm just interested to know, how many people do you actually need on site to start that up? How much do these restrictions need to be lifted? Given we've seen waves two, three, four, and in some countries, five, how comfortable do you need to be that you can run it and have people restrictions be put back on the business at some point and still be able to manage the operation okay? Absolutely. It's a really good question. I guess something that we would say is that, there is high rates of vaccination and certainly all personnel at site are vaccinated right now. We are still adhering to, and we always will, of course, adhere to the government body's requests on how to manage COVID. At the moment, we are seeing ongoing impacts in terms of roster duration and this requires careful management to ensure that there would be the appropriate amount of personnel and personnel with the right skills available to start undercutting activities. As you say, it is certainly something that needs to be considered prior to starting blasting. We wouldn't start until we're confident that we can maintain staffing levels to allow us to do so safely and efficiently. While we've seen some improvement in staffing levels in recent weeks, they have been sporadic, and they have varied, depending on the COVID situation in country and the flow on restrictions that need to be implemented at the mine site. Ultimately, we take a risk-based decision on this, but it is something that we'll factor into that. Yeah. Okay. Thanks, Jo-Anne. Steve, just one last one on the government negotiations. Yeah. We had a chat with Jakob and Rio earlier this week, but it feels to me like it's everything or nothing. There's not a phased approach here. You have to get agreement on everything, and then they'll just say yes or no. Is that sort of where it's heading to, in your mind? No, I think definitely we can resolve and move on some area shortly, I believe, okay? That I'll be able to tell you when we'll be done and finished, but at the moment, I believe that we can resolve and focus on the cut criteria. As I said, a lot of these discussions are not with the overall government or they're at the governmental body, okay? We're working very close. OT is working very close to get these things moving. We see good improvement. We see improvement in that area and movement. Personally, I believe that it's not all or nothing. I hope that we're going to be able to move on the discussion necessary for the undercut. The cost and benefit and the requirement from the government, we can concurrently move on those things on parallel and resolve them at the right time. Like I said. We'll see. I'll be able to tell you when we're done. Okay. Just a final comment. I know you won't comment on what Rio are doing, but the discussions I've had and what they've been saying publicly, they're clearly taking a less aggressive approach with ESG and government relations. Whether that expedites the process, I don't know, but maybe it does result in them foregoing a bit more to the government than was going to be the case under previous management. Cannot comment on that, but you're right. Thanks. Okay. Thank you. Thank you. As a reminder, ladies and gentlemen, if you do have any questions, please press star followed by one on your touch-tone phone. Your next question will be from Dalton Baretto at Canaccord. Please go ahead. Thank you. Good morning, Steve and team. Good morning, Dalton. I want to start out by following up on that last line of questioning there. From a procedural perspective, on the assumption that the negotiating team from your side, as well as the government's negotiating team, come to terms, does that agreement still need to get approved by parliament? You know what? I'm not certain of Dalton, I'll be honest, I'm not quite sure exactly of the process, and I apologize if you were Okay. No, no worries. It's just because it could add substantial time to the process, right? Yeah. No, I know. That's why I'm asking. I understand, but we'll check that because I don't want to give you a wrong answer here. Perfect. Then on that same vein, if the undercut is delayed, like Orest was suggesting, materially, do you have a sense for what your holding costs would be as well as the costs associated with demobilizing and then remobilizing your contractor force? Okay. Jo-Anne, do you have an answer on that, or can you provide some answer on this? Thank you, Steve. In terms of costs, this is something that the projects team are continually evaluating. It is something that is being worked on. We would say that in terms of a cost incurred, we've obviously disclosed the information we have at hand now. From that, we can look at the kinds of costs that are happening at the moment with the current situation and delays that we're having. We are seeing slower costs expenditure than planned, reflecting the reduced work at the moment. In terms of what would happen post the undercut firing, we continue, and certainly the team at OT continues to seek opportunities to try to maintain schedule. There will be a limit, ultimately, as to how much schedule can be maintained if we continue to see delays. There certainly are opportunities that are being looked at to try to maintain that schedule, and we'll continue to do that. It may not be the full answer that you'd like, but that's sort of where we're at on costs at the moment. Yeah, no, that's fine. I already assumed the schedule is going to slip. I was more concerned around the cost. Okay, maybe couple kinda longer-term questions here. First, there seems to be some new language in the disclosure around power supply and specifically cautioning that there is a chance you may end up being connected to the Mongolian grid without Tavan Tolgoi online. How much of a probability is that? Okay. Luke will answer that question, Dalton. The discussions on power with the government of Mongolia are ongoing discussions. From an OT perspective, as you can appreciate, it's very important for us to mitigate the relevant risks and to make sure that we do have power certainty going forward. That will be an important focus, a critical point of focus for us in those discussions with the government of Mongolia. Any solution, whatever the solution ends up being, is going to have to provide the relevant degree of power certainty, whether or not that the primary solution in the amended PSFA or if it's one of the alternative solutions, including grid supply. Over the relevant period of time, we're going to have to make sure that we have the sort of right back up, the ability to access power while whatever is being constructed needs to be constructed or upgraded or whatever it is. That's going to be a focus. It has been and will continue to be a focus in the discussions with government around power. The discussions with government around power are actually in process in the moment. We are hopeful that we can make good progress around this particular area over the course of the next few months. Certainly from our perspective, that's the intention. We will get to an answer that makes sure that we put OT in a position where at all points in the process, OT will have stable, reliable power. Got it. Okay. Thanks for that. Another longer-term question. Shafts 3 and 4, for all intents and purposes, are now delayed. Now, as well with infrastructure moving and so on, which is very reminiscent of what happened with Panel Zero. When will we see some sort of estimate in terms of what that's going to cost you from a capital perspective as well as from a schedule perspective? Yeah. Jo-Anne Dudley, would you give the answer on this, please? Yes. Thanks. Thanks, Steve. In terms of what we would see, at this stage, as I was saying earlier, we're expecting that shaft sinking should be going to commence in the near future. Once we start to see the progress on work and what's going to happen with the COVID-19 situation, that will put us in a better position to be able to understand the overarching impacts to the extent there are some or how large they could be on the overall project cost and schedule. At this stage, we've certainly disclosed the information that we have at hand, including where we are on schedule such that we understand it. As I was saying before, the planning team have done their very best to continue to optimize the work that is done to minimize delays. If we continue to see shaft sinking delayed, then we will need to review what that looks like. We don't have any update beyond what we've provided to date. It is a piece of work that we are obviously keeping a very close eye on. We do have reasonable transparency around that and are working with the OT team on it. Understood. Okay, maybe just one last one for me, and this is kind of a more definitive answer. The $137 million cash inflow this past quarter that you have attributed to deferred revenue and contingency for OT short-term liquidity and funding. Can you very simply explain to me what the source of that funding is? Yes. Luke will handle that question for you, Dalton. I don't know. I will try to put it as simply as I can. The process effectively, from a deferred revenue perspective, is at the point where the concentrate inventory gets loaded onto a truck and leaves the mine site. A short period of time after that happens, we receive a cash payment from the relevant customer. The revenue isn't recognized until the final sale occurs, title transfers, et cetera, and that actually happens not when the concentrate leaves the mine site, but when the customer picks up the concentrate from the warehouse in China. Over that period of time between when we receive that initial cash payment and the customer actually picks up the order from the Chinese warehouse, we recognize deferred revenue. The reason that you're seeing the increase in deferred revenue over the Q2 period, it really just has to do with the ramp up, or we began to ramp up our shipments again in April, following the declaration of force majeure. There have been ups and downs over the quarter, but we just had better ability to get those shipments across the border towards the end of Q2 of this year, and that's effectively what's resulted in the higher deferred revenue balance this quarter versus last quarter. In terms of what we might expect going forward, we are hoping, obviously, and all of this is subject to COVID, but we are hoping that we're able to bring down our on-site inventory levels over the second half of this year and hopefully put ourselves in a position where we can lift the force majeure. That's obviously something that we're working towards at the moment, subject to COVID, et cetera. We are hoping, obviously, that we can bring those inventory levels down over the course of the next three to six months, and that will obviously realize the cash that's currently locked up in inventory. Listen, I don't know. No, that was fairly clear, and I do understand the deferred revenue side. I was more focused on the contingency funding for OT short-term. I was just wondering if you have kind of a separate facility for short-term liquidity that's outside of everything we've seen. The contingency measures that I mentioned in the script are really around sort of short-term working capital-related measures that were implemented to try and bring some cash forward, as opposed to something sort of short-term facility financing related. OT does have a small revolver that it can draw on, and we actually did draw on it, I believe, towards the beginning of this year or around Q1. That's going to be reflected, obviously, in our financial statements for the year to date. It does have a small revolver that it can draw on just for mainly to sort of help to manage working capital. The contingency measures that I referred to are more around the short-term measures that were implemented over the course of Q2, just to try and bring some cash forward into Q2. Understood. Thank you, guys. That's all for me. Thank you, Dalton. Thank you. Your next question will be from Craig Hutchison at TD Securities. Please go ahead. Morning, Craig. Good morning. You guys mentioned a plan to resume the sinking of Shafts 3 and 4 in August. Does it make sense to invest in the underground work, panels two and three, or actually Panels 2 and 1 ahead of an undercut decision on Panel Zero? I guess at what point do you delay future investments in the underground to preserve capital here? Okay. Jo-Anne Dudley, would you like to answer that question for Craig Hutchison? Yes. Sure. Thanks very much, Craig. It absolutely makes sense to resume sinking of the shafts as soon as we possibly can. There's no doubt that the COVID-19 situation has forced the team at site to really look at what is the most important components of the schedule to progress, given the concerns that we've had around getting people at site and keeping them at site and managing quarantine. We've been focused on the Materials Handling System 1, which, of course, supports the Panel Zero production. That has gone relatively well, given the circumstances. It has been impacted, but they've continued to make progress. We understand the rates of progress, with the numbers of personnel that we've been able to maintain at site over the last few months. Shaft sinking for Shafts 3 and 4, is behind that Materials Handling System 1 work. Which is some of the reason that we haven't been able to progress that. It also needs a more complex workforce because we do need international experts to provide us with assistance on that shaft sinking work because it is complex work and the safety is complex as well around those shafts. We do need quite a number of people to progress them. However, it is very important because these pieces of infrastructure take some time to complete. There is variability around their completion timing, depending on the ground conditions and other factors that are encountered during sinking. They support the ramp-up of panels two and one, which are required. We require multiple panels to be able to ramp up to the 95,000 tons a day. It is important that we bring those panels on as soon as possible. That's the reason why that work is absolutely critical at the moment to progress, despite the kinds of challenges that you are raising there. I hope that answers the question. It does. Thanks. Just maybe one last question for me. Luke talked about the force majeure. What's kind of required to lift that force majeure? I think you guys said earlier that 100% of your workforce has now been vaccinated. Luke, you want to answer that, please? Sure. Craig, obviously the focus there is getting the concentrate across the border, and having enough concentrate in those Chinese warehouses where we have the right level of confidence that we can meet our ongoing commitments to customers. In that regard, obviously, we're focusing on measures to get the concentrate across the border more quickly and to bring down those on-site inventory levels. COVID-19's creating a bit of drama there, but we're doing our best to work through that, and we are hopeful that over the course of the second half of this year, hopefully sooner rather than later, we can continue to bring those on-site inventories levels down, get the concentrate across the border. When we have the right level of confidence that we've got enough concentrate in the right place, to meet our ongoing customer commitments, that would be the point that we would consider, and hopefully we'll be able to lift the force majeure. Okay. Thanks, Luke. You got it, Craig. Thank you. Ladies and gentlemen, this does conclude our question session for today, as well as the conference call. We thank you for attending, and at this time ask that you please disconnect your lines. Have yourselves a good weekend.