Thank you for standing by, and welcome to the MMG Limited Investor webcast. All participants are in a listen-only mode. There will be a presentation followed by a Q& A session. If you wish to ask a question, you will need to press the star key followed by the number one on your telephone keypad. I would now like to hand the conference over to Mr. Jarod Esam, Head of Investor Relations. Please go ahead. Thank you for joining MMG's webcast. Presenting today are MMG Interim CEO, Liangang Li, and CFO, Ross Carroll. The slides for today's presentation are being webcast in both English and Chinese. They can also be accessed from the Investor and Media section of the MMG website. At the end of today's presentation, we'll open the line for questions. For those wishing to ask questions, please ensure you're connected via the teleconference details that were included in the invitation for today, today's session, and not just the webcast. I'll now hand over to Liangang. Thank you, Jarod. We are pleased to present to you today on the acquisition of the Khoemacau Copper Mine in Botswana. But, this transaction is compelling and transformational for MMG. We have entered into a binding agreement to acquire the mine for $1.875 billion. Our original shareholder, China Minmetals, is fully supportive of this transaction. At signing, the transaction is fully funded via a shareholder loan, but funding, can, at completion, is expected to be a combination of shareholder loan and third-party financing. Long-term financing could involve a combination of debt, equity, and/or, or a potential joint venture. The transaction is expected to complete in the first half of 2024 and is subject to several conditions that are detailed in the announcement. Khoemacau is a scarce, high-grade, low-cost producing copper asset in the world-class mining jurisdiction of Botswana. An expansion project will deliver a near-term production of around 130,000 tons of copper per annum. The expansion is a cost-efficient pathway to achieve production at scale with a low capital intensity. Khoemacau is a long-life asset with a greater than 20-year mine life, based on the Zone 5 group deposits, with potential for further increases in scale and life from other known resources. In addition to the mine and the existing resources, we are also acquiring a dominant 4,040 sq km land holding in the emerging and highly prospective Kalahari Copper Belt. I will now hand over to Ross to guide us through the transaction in more detail. Thank you, Liangang. This is a transformational transaction, and post-expansion, Khoemacau is expected to generate significant cash flows for MMG at a low cost and high margin. The current operation is ramping up to 65,000 tons of copper equivalent production, and post-expansion will produce between 135-155 kilotons a year of copper equivalent. The expansion project will deliver improvements across key operating and financial metrics, including an average predicted annual EBITDA around $600 million. We expect development CapEx to achieve the expansion to be in the order of $700 million-$800 million, to approximately $100 million per annum in sustaining CapEx over the life of the mine. Khoemacau is set to become a cornerstone asset within MMG's portfolio. There's a significant copper resource that will support a mine life well in excess of 20 years. Khoemacau will become the second-largest asset in MMG's portfolio behind Las Bambas. The acquisition of Khoemacau reduces MMG's single asset concentration risk, with Khoemacau representing 28% of MMG's total resource on a pro forma basis, and 23% of the copper equivalent production. It provides enhanced geographical diversification while increasing MMG's overall portfolio exposure to copper. Khoemacau is estimated to bring a significant 30% increase to MMG's pro forma copper equivalent production once the expansion is delivered. Additionally, Khoemacau will reduce MMG's overall C1 costs by 6%. MMG will continue to focus on the delivery of the Kinsevere expansion project and the Las Bambas Chalcobamba project, which will further increase the group's production and reduce unit costs. The transaction is also value accretive on an EV to EBITDA basis and on an EV to resource basis. The post-expansion implied acquisition EV to EBITDA multiple for 4.3x is materially below MMG's current trading multiple and that of most other listed copper producers. Khoemacau is a well-defined and low-risk expansion plan, supported by a strong in-country team. Khoemacau benefits from favorable metallurgy, a continuous drop-down sequence of mining, and good geotechnical conditions. With MMG's demonstrated track record of delivering on major projects, we are well-positioned to execute the brownfield expansion at Khoemacau and assisting in-country teams in repeating the success they have had to date in the development and ramp up. MMG's recent project development credentials include the commissioning of Las Bambas in 2016, and Dugald River in 2017. Both operations achieved mine life throughput within the first 6-7 months of operation. The current expansion of Kinsevere is also progressing well, and is on track to extend the mine life and increase production on time and on budget. The acquisition of Khoemacau significantly improves MMG's position to be a global top 10 copper producer, copper-focused producer, and we have further growth potential, both at Khoemacau and within the existing portfolio. We hold a favorable view on the copper market outlook, driven by growing demand, with a global push towards decarbonization. Khoemacau is well-timed to align with the forecasted copper supply deficit, with a low-risk expansion in a great jurisdiction, at a time when copper projects are getting harder to deliver. Moving on to the highlights of this investment, I'll touch on the best aspects of this impressive asset. Khoemacau represents a scarce, high-grade, and long life-producing copper mine with low technical risk. The mine will operate in the bottom half of the cost curve with further upside from optimization. The near-term brownfield expansion project to 130,000 tons of copper production has a low CapEx, low capital intensity of approximately $8,000 per ton of annual installed capacity. With a vast land holding of 4,000 km across the emerging, highly prospective Kalahari Copper Belt, there is significant upside potential. The mine has established strong community relationships, developed a skilled local workforce, and has a track record for efficient environmental permitting. Botswana offers a stable and world-class mining jurisdiction. I'll provide a little bit more detail on each of these aspects. Khoemacau boasts a high-grade resource, with a 2% copper grade, for deposits which make up the Zone 5 group. This is one of the highest-grade mines that have been developed in recent history. It is already one of the largest underground starting copper mines globally. The resource is geometrically consistent with along the strike, with all deposits remaining open at depth. The mine has been newly built and operates with modern underground technology. Post-expansion, Khoemacau will be firmly in the bottom half of the C1 cash cost curve. With Las Bambas already in the bottom half of the cost curve, these assets will soon be joined by Kinsevere, once the Kinsevere expansion project is complete. Further upside with Khoemacau is possible from optimization, including deploying technology, leveraging Chinese sourcing, implementing renewable energy, the potential for an improved offtake agreement, and the potential synergies with our existing Kinsevere operations and respective Johannesburg offices. Zone 5 extensions and development of the expansion deposits will feed a new 4.5 million ton process plant, in parallel with the existing plant, to increase the total capacity to around 8.2 million tons per annum. The expansion will leverage off existing infrastructure and improve the mining and processing methods, with consistent geology and metallurgy across multiple deposits. The existing infrastructure is largely sized to accommodate the expansion, with multiple water sources available to support the operations. The Khoemacau brownfield expansion represents a cost-efficient way to achieve production at scale. Capital intensity of $8,000 per ton of installed annual capacity is extremely competitive relative to new and future copper projects. To complement the Zone 5 mine that's already in production is the other Zone 5 group of deposits: Boseto Northeast, Zone 5 North, and Mango. These deposits are all open at depth and likely to be extended. There's also existing resources at the Boseto and Banana Zone group of deposits. On top of this, there's an expansive land holding in the best part of the Kalahari Copper Belt, that has already allowed the team to make additional discoveries and identify many other high-priority exploration targets. Khoemacau demonstrates excellence in ESG practices in line with MMG's high standards. Comprehensive safety and health management systems are embedded through the operation. It maintains strong community relations and high employment levels within local districts. There's also an ongoing focus on sustainable water usage and biodiversity management, with a track record of environmental safety. There's strong potential for renewable energy generation at site, and these studies will continue under MMG ownership. Botswana is recognized as a world-class mining jurisdiction, with a stable political landscape, tax regime, extensive infrastructure, and a strong rule of law. Botswana has a strong country credit rating and is recognized as one of the 10 best jurisdictions for mining investment globally, and it also is number one in Africa. In closing, we believe that this acquisition represents a unique and valuable opportunity to acquire a world-class and high-quality copper asset that has already been de-risked. It's an exceptionally good strategic fit for MMG, and will be a cornerstone asset for the group for multiple decades to come. On behalf of the MMG management team, I would like to thank all the MMG employees involved in this project, as well as our financial and legal advisors. We look forward to welcoming the excellent team at Khoemacau into the group. Thank you for your time today. I will now hand back to the moderator, who will open the line to questions. Thank you. Thank you. If you wish to ask a question, please press star one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star two. If you're on a speakerphone, please pick up the headset to ask your question. Your first question comes from Lawrence Lau, from BOCI. Please go ahead. Hi. Thank you, management, for taking my question, and also congratulations for striking the deal. I have two questions. First of all, may I know your copper price assumption in arriving your valuation for the mine? And secondly, can the management tell us more about the logistics side? Because we know the seaborne cost is low, but if you look at the map, this is over 1,000 or more close to the nearest port. So, can you give us some idea what kind of costs in terms of logistics? And also, will we encounter the similar problem we see in Peru, that the local communities create all sort of troubles? Thank you. Yeah. Thanks, Lawrence. Lawrence, just on the copper price assumptions, I mean, we don't normally quote what prices we use, but what I can say is that we've used our existing long-term price set deck. So it's not like we've used insider prices or anything to get to the pricing we've got. So, I think you'd probably be aware or could relatively work out what prices we've used. But as I said, it's in terms of our long-term pricing assumptions. As far as logistics costs, you're right, there's over 1,000 km to get the product to the coast. Now, it is different to Las Bambas in that we don't have the roadblocks and social issues, and it's also a much better quality highway. So logistics shouldn't be such an issue that we've seen at Las Bambas. Now, I must admit, I don't have the exact logistics cost in my mind. I'm not sure if anyone else on the team here has. Yes. So I can speak briefly on logistics costs. It's comparable to, you know, industry trucking rates. So if you take the distance that we need to get, say, product to port, to be out of, sort of deriving from that, so they're comparable. And one thing I would add on logistics is, there's a well-established supplier network out of South Africa, even some in Namibia and in country as well, that can support the project. Road network's reliable, it's modern. Yeah, we can speak specifically to costs if we need to, but it's all comparable to market rates for trucking and forwards. I see. So this now basically based on trucking, so there's no, no, no such thing like railway, right? That's correct. So there is no railway to port. It's based on trucking. Yeah. And that's the same assumption for Sandfire's mine that's in the neighborhood. So they truck their concentrate out as well. Yeah. Okay, thank you. Your next question comes from Chris Xu, from Mirae Asset Management. Please go ahead. Hi, thank you very much for the presentation, and congratulations on securing this great opportunity. I've got two questions. So the first question is regarding the production. So, in the near-term expansion, so that would be, you know, considered maybe around 2029, the production would go up to around, like, 135-155 kiloton per year, right? And the presentation mentioned a 200,000 tons potential expansion, further expansion number. So I'd like to understand. So, for that further expansion, what sort of timeframe are we talking about? That's the first question. And the second question is regarding the new shareholder loan that the company will be taking on for this acquisition. What sort of cost are we looking at? Thank you. Yeah. Chris, just so I understand your first question, are you talking about the extension that or the expansion that gets us up to 135-155, or you're talking both to 155? I think in the presentation there is also another number, talking about like, you know, even longer-term potential, right? Is there any, you know, further room to, you know, expand production beyond 135,000-155,000 tons? Yeah. I think, yeah, definitely that potential exists, but it's going to be, you know, first things first, we need to do the initial expansion, and then it would obviously depend on the exploration success in the region. But, yeah, so that's a target, but that'd be a long-dated target. And, you know, obviously we need to get control of the asset first, and then we'll do the exploration program, as we know. And sorry, Chris, could you just repeat your second question? Yeah. So the second question is regarding the shareholder loan. So, I mean, if I'm not mistaken, the company will be taking on, you know, more shareholder loan mainly for the purpose of this acquisition, right? Yes. What sort of interest rates are we looking at? Yes. The initial shareholder loan will just be a bridging loan. And then we'll be looking at getting a permanent debt facility. But, yeah, you know, you're probably looking at a rate of SOFR plus 1.5%-2%. So it's, like all our shareholder loans, they're very attractive. Yeah. And, and sorry, just one more question. So for that project, is there any existing, financial study for, I don't know, the previous quarter or maybe the previous year, you know, that maybe we can refer to? I think your question was, is there any existing financial data for the Khoemacau project, is that right? Yes, yes. Yes. There is, but obviously with Cuprous Capital being a private company, it's not as broadly circulated as what it would be for a listed company. So as part of the process, we will get audited accounts at the end of December, and then they'll be included in a circular to the Hong Kong Stock Exchange, you know, somewhere in probably early in the second quarter of next year. Got it. Thank you very much. Once again, if you wish to ask a question, please press star one on your telephone and wait for your name to be announced. We'll now pause for a moment to allow additional participants to register their question. As there are no further questions at this time, that does conclude our conference for today. Thank you for participating. You may now disconnect.