Good morning. Welcome to the Livent hosted call to discuss the transaction announced today between Livent and Allkem. I will now turn the conference over to Daniel Rosen, Investor Relations and Strategy for Livent. Daniel, please begin when you're ready. Thank you, Maxine. Good morning, everyone, and welcome to the call. Joining me today are Livent President and Chief Executive Officer, Paul Graves, and Allkem Managing Director and Chief Executive Officer, Martín Pérez de Solay. A slide presentation that accompanies our discussion can be found at the transaction website www.globallithiumleader.com. Prepared remarks from today's discussion will be made available after the call. Following our prepared remarks, Paul and Martín will be available to address your questions. Given the number of participants on the call today, we request a limit of one question and one follow-up per call. We will be happy to address any additional questions after the call. Before we begin, let me remind you that today's discussion will include forward-looking statements that are subject to various risks and uncertainties concerning specific factors, including, but not limited to, those factors identified in Livent's Form 10-K and other filings with the Securities and Exchange Commission. Information presented represents our best judgment based on today's information. Actual results may vary based upon these risks and uncertainties. Today's discussion will include references to various non-GAAP financial metrics. Definitions of these terms, as well as a reconciliation to the most directly comparable financial measure calculated and presented in accordance with GAAP, are provided on the Livent investor relations website. With that, I'll turn the call over to Paul Graves. Hello, everyone, thank you for joining Martín and me to discuss the merger of Livent and Allkem. We're very excited about our proposed merger of equals that will create a leading global lithium chemicals company with greater business critical scale and with enhanced capabilities to accelerate our expansion plans in order to meet the growing needs of our customers. This is a good time to be announcing this merger given the unprecedented growth trajectory ahead for our industry. By combining forces, we will be ideally positioned to help our customers meet the accelerating global demand for electric vehicles and broader energy storage applications. Together with Allkem, we will have a globally diversified footprint of large, high-quality and low-cost assets and a diversified, resilient supply chain, allowing us to accelerate value and de-risk our expansion projects. I'm thrilled to be driving our future growth with Allkem's talented team worldwide. I'll now pass it over to Martín for some initial comments. Thank you, Paul, and thank you everyone on the line for joining us today. I echo Paul's excitement around this merger of equals. As you will hear in more detail shortly, this is a transformative combination of two companies with highly complementary assets and skill sets. This merger brings together expertise across both firms in project development, product innovation, and commercial capabilities. The new company will have greater vertical integration and strengthened position to accelerate growth and significantly increase scale to better serve our customers around the world. I believe that stakeholders, employees and customers will realize significant benefits from this transaction as the business transforms into a truly global player with listings in both the U.S. and Australia. I will now turn back into Paul to walk through the highlights of the transaction and the enhanced capabilities created by the combination of these two great companies. Thank you, Martín. Beginning on slide three, let me walk through some of the key details of the transaction. We have structured this merger as an all-stock merger of equals, which will provide the opportunity to continue to invest in our growth and realize synergies that benefit all shareholders into the future. Allkem shareholders will receive 1 share of a newly created holding company, NewCo, for each existing Allkem share, and Livent shareholders will receive 2.406 shares of NewCo for each existing Livent share. Post-transaction close, the ownership split between Livent and Allkem shareholders will be 44% and 56% of the combined company, respectively. This exchange ratio reflects both the underlying relative contributions of each company, as well as the trading relationship between Livent and Allkem share prices over recent months. The NewCo board will include seven directors designated by Livent and seven directors designated by Allkem. We will have a primary listing on the New York Stock Exchange and a listing on the Australian Securities Exchange via CHESS Depositary Instruments or CDIs, with expected index inclusion in both markets. The name of the newly combined company will be communicated at a later date. The combination has been unanimously approved by both boards of directors, and we expect to close this transaction by end of calendar year 2023, subject to regulatory approvals, shareholder approval of both companies, and other customary closing conditions. Thank you, Paul. On slide four, this transaction is consistent with our strategy and deliver a step change in our stated objectives. The merits of this transaction can be most easily summarized by three compelling points. It increases scale with an expanded geographic footprint and a combined lithium deposit base among the largest in the world. It immediately enhances vertical integration, bringing together two complementary business and combined expertise that is expected to deliver meaningful operating synergies and capital savings. Together we are even better. All in, the combination will enable us to unlock significant value creation for shareholders, enhances our position within the global lithium value chain and our relevance to global customer base. Turning to slide five. I'm gonna spend a few minutes talking about the transaction logic as they're critically important to our vision of this combination. We estimate that the transaction will generate annual run rate synergies within three years of $125 million per year. These savings can be characterized most simply as arising from one of three areas. First, the elimination of duplicate costs, particularly at the corporate level. Second, operational efficiencies that arise due to close proximity of our resources, especially in Argentina and Canada. Third, operating benefits that arise across our combined businesses that arise from having a broader, more diverse set of operating assets, which allow us to maximize plant efficiencies and reduce or even eliminate purchases of third-party materials. We also estimate that we will reduce our capital spending by $200 million in total, particularly at Hombre Muerto in Argentina, where we are both investing today, and in Quebec, where we are also both developing mining and chemical operations. The ability to enhance our scale at the most business critical levels is a compelling reason for our combination. We will have a production presence in three major lithium geographies, that is Western Australia, Canada and South America. Operationally, we expect to grow production capacity to 250,000 tons per year by the end of 2027. With a broader portfolio of producing and development assets, this merger enhances our global capabilities, strengthening our ability to serve customers with a more diverse and therefore more resilient supply chains. Both companies are committed to a strategy of full vertical integration, a business model that enables enhanced operational flexibility and greater value capture under multiple market conditions. Our highly complementary production base immediately enhances this strategy, allowing us to bring customers a full range of lithium products that we will be able to deliver across geographies. In addition to our production base in key lithium resource areas, we will have the ability to produce the critical lithium performance chemicals, whether that is carbonate, hydroxide or metals-based products, closer to our customers using our network of operations in the U.S., Canada, Argentina, Japan, the U.K. and China. This is a critical differentiator for us. Being vertically integrated and regionally diverse gives us security of supply, better predictability of costs, added flexibility and a better ability to serve our customers. A third critical aspect of this combination is that combining our development plans allows us to both accelerate the delivery of our expansions, as well as reduce the risk associated with these large capital projects. Factors such as close proximity of lithium deposits in Canada and Argentina, complementary proven skills in areas such as hard rock mining, conventional and DLE-based brine extraction processes, and battery-grade lithium hydroxide production are what create the ability to accelerate and de-risk. We have a deep pipeline of attractive and advanced growth projects to execute in phases over the foreseeable future. We have a leading ESG profile with a shared, unwavering commitment to deliver sustainable and responsible growth for our investors, our employees, our customers, and the communities in which we operate around the world. Together, we can continue our progress and do more faster, which helps us deliver our values and to grow in a responsible way. Increasing the availability of lithium will continue to be a key enabler of decarbonization and the global electrification of transportation. This merger between Livent and Allkem enhances our ability to support this critical process. Moving to slide six. The new company will have a very strong financial profile with a robust balance sheet and the financial flexibility to fund our project development pipeline. With combined 2022 revenue of $1.9 billion, $1.2 billion in combined 2022 adjusted EBITDA and combined liquidity, including net cash on hand and undrawn credit lines of $1.4 billion, and supported further by a highly cash generative business, we will have the financial strength needed to make the investments that will drive our growth, including our plan to reach a combined lithium production capacity of approximately 250,000 tons per year by the end of 2027. Turning on to slide seven. As you can see, this combination places us in the top three lithium producers with approximately 250,000 tons of LCE by 2027. It's not just size. The combination will create arguably the most compelling product offering in the market, with exposure to a broad range of each high-quality lithium product to meet evolving needs of our customers. Our scale and vertical integration will enhance our market relevance and underpin our ability to deliver anticipated capacity growth in the years ahead of the global demand for electric vehicles and broader energy storage applications that accelerate. By combining leading processing and commercial capabilities with a large diverse resource and production base, we are well positioned as a leading global lithium player of choice. We will have the scale and the product suite become further embedded in the value chain of our customers. Moving on to slide 8. We are creating a truly global business. Our combined assets and skill sets across the key lithium producing regions, including the Lithium Triangle in Argentina, Canada and Australia, gives us a strong competitive advantage. Our production and processing facilities are in close proximity to our customers, which will allow us to be flexible and nimble in meeting rapidly evolving product chemistry. Further, our global industrial processing network is uniquely positioned to integrate into North America and European lithium value chains and meet the demand for more localized supply chains. Referring to the chart on the top right-hand side of the slide, the product suite is balanced across the suite of lithium chemical products and provides us with the flexibility to respond to evolving customer needs. I want to stress that we are not just creating a leader in our industry in terms of production volume or total resources. As you can see on slide 9, we will be a leading global diversified lithium chemicals producer with a fully vertically integrated operating model built on high-quality assets, people, technologies, and know-how. If we look at the combined production portfolio, in Argentina, we have some of the best brine assets in the industry. Operating across the three salars of Hombre Muerto, Olaroz, and Cauchari, we have an unmatched portfolio. In Canada, we have two hard-rock deposits, Whabouchi and James Bay, that are within 100 km of each other, which will create opportunities for us in terms of faster construction and lower construction and future operating costs. Finally, our global portfolio of lithium chemical manufacturing assets is second to none. Our regionally diverse footprint enhances our flexibility and reliability to deliver for our global customers, as well as creating the opportunity to partner with our customers to create more resilient local supply chains that support their own business plans. Operating a vertically integrated business model requires that we have the capabilities to both develop resources and produce the highly specific performance chemicals that the advanced energy storage industry increasingly demands from us. As you can see from slide 10, we close any gaps that either one of us might have in terms of know-how or experience, resulting in a broad range of capabilities in everything from mining, Direct Lithium Extraction techniques, chemical manufacturing, and meeting battery-grade quality and reliability requirements. Add to this our complementary project execution skills. You can see how this merger creates a fundamentally stronger business. Slide 11 speaks of our world-class growth pipelines and execution expertise. With the rapid once in a generation growth we are seeing for the EVs and energy storage solutions, it is critical that we are able to grow our production capabilities for our customers. The combination of technical operating and capital deployment teams will provide an enviable pool of expertise to de-risk and speed up the combined growth project. As we think about the increasing global demand for our products, we will have the ability to leverage a deep inventory of high quality, low cost projects to ramp up production and drive strong growth over the coming years. In just five years, we expect our combined capacity to grow from an estimated 90,000 tons of LCE in 2023 to approximately 250,000 tons of LCE in 2027. The delivery of this growth is already underway. The visible path to volume expansion is unparalleled across our industry today and will allow us to unlock additional opportunities to enhance high margin specialty volumes downstream. As I mentioned earlier, and as set out in slide 12, we aim to achieve $125 million in annual run rate synergies by 2027, driven primarily from the streamlining of corporate costs, asset optimization, and improved logistics and procurement. We expect the majority of these synergies to be achieved within the first three years as a combined company. We also expect one-time capital savings of roughly $200 million to be achieved, also within the first three years, which will improve our capital efficiency, our investment flexibility, and allow us to accelerate the timing of bringing new assets into production. The ability to realize meaningful synergies is supported by the proximity of combined company assets. In Argentina, Hombre Muerto and Sal de Vida are within 10 km of each other. In Quebec, Whabouchi and James Bay are within 100 km. Additionally, by leveraging our work at Nemaska on designing and constructing a lithium hydroxide operation at Bécancour, we expect there will be meaningful opportunities for both cost synergies, project acceleration, and capital spending savings for our hydroxide plants to support James Bay. You will see that the cost savings are not dependent on a single source or a single resource, but are spread around the globe and reflect everything from eliminating duplicate costs, improved purchasing efficiencies, and enhanced operating efficiencies. The diversification savings gives us the confidence in our ability to deliver them in a relatively short time. However, values of our two companies, which are firmly focused on safety, quality, and productivity. Sustainability is central to the mission of both companies. We are very excited to help drive a better future for our people and the communities where we operate through our shared emphasis on responsible operations, customer focus, diversity, equity and inclusion, innovation, and continuous improvement. As we look forward, we anticipate demand for our products will continue to grow as the need for meaningful climate solutions and as the transition to electrification builds. Consumers and governments are driving fast-growing EV markets by focusing on policies and practices that accelerate the shift away from the fossil fuels. We can, and we will, play a key role in enabling this. On slide 14, as we have been discussing, this merger immediately creates a leading integrated lithium chemical company that unlocks and maximizes the value of the collective growth opportunity in front of us. The merged company will be tightly integrated into North America and European battery value chains and will be a company of significant relevance to all our shareholders, partners, employees and customers. With that, we will open the line for questions. Thank you. If you would like to ask a question, please press star followed by one on your telephone keypad now. If you do change your mind, please press star followed by two. When preparing to ask your question, please ensure that your line is unmuted. Our first question today comes from David Deckelbaum from Cowen. Please go ahead. Your line is now open. Thank you, everyone. Congrats, Paul and Martín and your teams on the announcement today. One of the questions that I had to start off with, what you talked about capital savings of $200 million realized in the first few years. Is that specific to one project? Is it spread amongst many? I guess it leads to my question, which is really, do you see this combination as presenting the opportunity to build perhaps one conversion facility in Canada to achieve some greater synergies to combine the feeds from James Bay and Whabouchi? Let me go first. can add what I miss. Look, it's primarily the Canada complex and the Sal de Vida and Hombre Muerto expansions is where the capital savings take place. Those are significant opportunities. Clearly, when you're in the early stage of expansion, like in Canada, engineering costs are not insignificant. Time is one of your biggest costs. Moving more quickly saves you significant capital savings too. I think it's clearly those two, kind of complexes, for want of a better description, that drive the capital savings. Yeah, I would add to what Paul said, that when you're building two projects at the same time, like expansions in Hombre Muerto and Sal de Vida, the savings in indirect construction costs are significant. We have seen a significant escalation of indirect costs across probably world in the last period. It is coming from both, synergies, you know, putting together Canadian operations, basically size. You not only the engineering costs, you also save a lot of the basic infrastructure that you need to put together. It is going to be quite compelling. As you know, in this industry, being able to build at a low capital intensity cost significantly de-risks the performance of the projects. To your question on Canada, look, clearly we have in Nemaska with Whabouchi and Bécancour an integrated project. We both have the same philosophy that we should be fully integrated. Therefore, answering the question of where is the best location to build a hydroxide plant fed by James Bay is a key part of the conversation. There's no doubt we will build that plant more quickly and at lower capital cost as a result of this combination. I appreciate that. Perhaps just a brief follow-up. I suppose at a very high level before getting into the math, do you feel that this combination allows you to fund all of your foreseeable growth projects with internally generated cash flows at this point? Yes. Would agree. Fair enough. Appreciate the time, guys. Thank you. The next question comes from Joel Jackson from BMO Capital Markets. Please go ahead. Your line is now open. Hi. Good morning, gentlemen. rational makes a lot of sense now. Good morning, Joel. Hi, good morning. Rationale makes a lot of sense, obviously, in Argentina and Quebec views. Can you talk about being a larger company, what does that mean strategically as you look to sign, you know, be more relevant with cathode makers, battery makers, EV makers? I'm gonna try to ask this question the best I can. Does a larger newCo make you also, you know, this one plus one equals three, to where down the road, strategically, this combined asset could be more attractive if the diversified miners ever want to get involved in lithium? If you know what I'm getting at. Yeah. I wonder how long it would take for that question, Joel. I knew you'd be the one to ask it. Look, I think scale is an important. It's an important factor in success, but scale as a company is not really the purpose. We talk about business critical scale, and what does that mean? It means you can have a conversation with a customer about being broadly integrated into their supply chains. These supply chains tomorrow will look very different to what they looked like yesterday. I mean, a single OEM today may have one or two cathode producers, one major battery partner. Three, four years from today, that's not gonna be the case. They're gonna have multiple cathode producers, multiple battery partners, may even have their own in-house battery production. You're not relevant if you're selling them 5,000 tons a year of hydroxide. You need to be able to supply them more hydroxide. You need to be able to supply them carbonate because not all their batteries will be hydroxide-based. Ultimately, as we move forward and they think about next-generation batteries, you need metal-based chemistry. We can do all of that. That scale at this business critical level is really where the conversation changes with customers. I personally believe customers will be hugely supportive of the way we're tackling this because it gives them more security of supply, no matter which way you measure it. You know, supply chains, diversity, multiple assets, ability to localize portions of the supply chain, all of this is much more difficult to do individually than it will be together. Indeed. Following Paul's comments, we always said that you have to be a meaningful producer in this industry. We kind of targeted 10% as that kind of minimum producer because there would be multiple suppliers of batteries and cathodes, but end buyers of product would mostly be less than 10 or 15 OEMs at the end of the day. You have to be meaningful for them so that they really build you into the supply chain. They buy into your chemistry. Once you become this trusted source of high technology, of high quality product that performs into their processes, then that really links you to the customers and enables you to know what the future chemistries are going to be ahead of the game in terms of supplying them those products and be their meaningful supplier that anybody that wants to be meaningful in this industry has to come to you and sit down with us and, you know, discuss their future growth plans and see how we integrate our products into their value chains. Maybe I would follow up. You have so many projects that you can put money into different stages of development and work on it in Quebec and Argentina. Now, does this make the combined management teams pause to figure out like what is the like, should we do phase whatever at Hombre Muerto, or is it better to do Sao Benedito, or should we put that money more in James Bay because whatever reason? Like, do you take pause in projects to sort of figure out where's the best capital spent, or would you plow forward with everything as is? We are merging two companies today, Joel, that have a quite an aggressive growth plan, are fully funded and moving towards executing that growth plan. That will not stop. That will continue to be the business in which we're in. By pulling together the skill set from both companies, we will be able to evolve these projects in a better way and find these solutions for our customers more efficiently, and at the same time, be a lot better in the way in which we grow. We will have larger local processes in the key lithium markets, and that larger local presence will enable us also to deliver the projects on time, on budget and, you know, continue to be the best project executioner in the industry. I wouldn't expect any rethinking of the projects. We are all fully fired on the projects that we're building and executing. You saw there a large list of projects around production, commissioning, construction, and studies. By the time the deal gets approved by shareholders, we trust that a lot of the projects under commissioning will be under production, a lot of the projects under construction will be in commissioning phase, and the studies will evolve into construction. You will see that movement in our project cycle over the next few months. No, Gerald, I think the first question we're gonna ask our organizations is: How can you do these projects quicker for lower capital and for more volume? Find ways now we're together to do more, not less. Thank you. Thank you. The next question comes from Christopher Parkinson from Mizuho. Please go ahead, Christopher. Your line is now open. Great. Thank you so much. Can you just add a little bit more color? On slide 12, you put out the accepted synergy run rate of 125. You know, it seems like there are a couple different buckets from which that number comes from. Can you just, you know, kind of just give us a quick breakdown or bottom-up analysis on how you arrived at that number and as well as your, you know, potential excitation for upside. Thank you so much. Sure. Without getting into a line-by-line analysis of the numbers, you know, there's a huge amount of what a lot of people logistics savings that's possible between these two organizations. Moving material around, moving people around is quite a significant cost in our organization. This diversification allows us to not only get the classic synergies that we can do the same for less money, but we can do less. We can move less material around. There's quite some significant sort of, I'm gonna call it supply chain/logistics savings. I think another big piece, and I wouldn't underestimate this actually, is the ability to optimize our assets. You know, we are constrained. Livent has been constrained by a lack of carbonate, and that has knock-on effects about how much chloride we can make, therefore how much third-party material we have to buy to support some of our businesses. We can pretty much eliminate that really on day one by tapping into what Allkem brings to the table. Optimizing across resources is another big piece of it. There's always the unfortunate aspect that we don't need as many, you know, corporate locations, so there will be some reduction in head office locations that put some savings into there as well. It's a very detailed and thorough analysis that we've done together to come up with these numbers. Following up on what Paul was saying, it really invites a significant amount of synergies when you look at what you can do in terms of product flexibility and maximizing profitability from our operations. When you put such a large base of product together with the combined base of processing plants that we would have, it is a lot that you can do beyond the synergies that have been outlined here. Understood. Just a quick follow-up. On slide 9, you have a pretty helpful overview of, you know, obviously that compatibility and obviously how that flows into your, you know, scale. Was there any particular nar... I can ask this from either the Allkem or the Livent side, but was a specific narrative from customers or, you know, anything just internally that both of you have been kind of hearing or grappling with over the last few years that really drove this? I mean, it's pretty obvious, but I'm just kind of curious if it was something specific within the last, let's say, you know, 12-18 months that was, you know, further driving it to actually get the deal done. Thank you. Yeah. Look, my only other comment there is customers want two things always. They want more, and they want better quality. It's a relentless process, and it's continuous, and it doesn't stop today and won't stop tomorrow. More volume and better quality. I think the regionalization of supply chains is gonna change how they think about getting the volume and the quality, but I think those two factors drive everything. Yes. Regionalization or localization of supply chains is something that clearly drives the synergy. The other thing is that, you know, the larger the product base you have, the more reliable you become to your customers, the more long-term contracts you can sign. And you know, having that base of manufactured production at high margins is what we look for when as I was talking to this measure. Chris, you and I spoke many times about the need in the hydroxide business, given the specifications and the quality demands. You need long-term partnerships, whether that's backed by a contract or not. The ability to actually make those longer term commitments on both sides is a big piece of the commercial demands of our industry that are just gonna grow and grow. It's very helpful. Please go ahead. Your line is now open. Yes. Good morning and congratulations. Can you speak to how exactly the 56-44 values have... We have a history of the relative market caps and perhaps that was a starting point. But Paul, you're in the midst of doubling capacity, and I think of Livent as a company that's very capable in production, let's say. Any color you can provide, you know, in terms of how the parties came together to settle on that split would be instructive. Thank you. An asset basis. The share price clearly influenced and frankly, framed some of those conversations. This was a done on a fundamental contribution basis. Clearly both companies have a very good growth portfolios and quite good quality producing assets. The objective was to find what the real value of each of these companies brought into the combination so that despite us both said both prices might have framed the discussions, we wanted to have a long-term solution here and something that could stand in the long term. The only way you could do that is if you look at the fundamental value, the NAV for both companies and, you know, put them together, factoring in all of the growth capacities that they both have in the different areas. Okay. As a follow-up, if I may. Can you speak to the regulatory approvals that will be required? Obviously, there's shareholder votes as well, but I'm curious about the regulatory approvals and the question of whether or not any approvals from Argentina will be required. Look, there will be the usual regulatory approvals. When you think antitrust is the major markets in which we operate. Argentina has a slightly different regime. Of course, we will need antitrust approval in Argentina. That is all. There's no other approvals needed in Argentina. That antitrust process in Argentina, though, is not one that we need prior to closing, so it can be done after close. As I said before at the beginning of the meeting, both, shareholders will have to approve the transaction. There will be shareholder meetings from both sides, which we are estimating to be in the end of October, November period. Okay. Very helpful. Thank you. Thank you. The next question comes from Matthew DeYoe from Bank of America. Please go ahead. Your line is now open. Morning, Paul. Will you see a need to renegotiate any of your existing commercial agreements or maybe opportunities to extract any more value out of existing agreements? I think presumably maybe you're selling a lot of product to the same customers. I'm just kinda wondering how that looks. I don't think we need to, and I certainly don't think the whole point of this is then to go and, you know, extract more value from our existing long-term relationships. I think conversations with those customers are gonna be hugely positive about how this transactions allows us to extend and expand our relationships. We will certainly be talking to them. No, there's no need and there's no underlying requirement or expectation on our part that we do that. Yeah. When you look at the market, there's a lot more market to come, and there's a lot more production to come on our side. The key driver for the business is the future of the joint operation is not retaining anything of what we do today. Okay. If I may, just curious, what was the long-term kind of lithium pricing assumed when you were looking at your NAVs? We just put your forecast in that. Okay. All right. That's it for me. Thanks. Thanks. Thank you. Thank you. The next question comes from Chris Kapsch from Loop Capital Markets. Please go ahead, Chris. Your line is now open. Yeah, good morning. Congratulations and kudos on the bold move. makes complete sense to me from a strategic standpoint when you're thinking about scale, scope, and relevance. My, my one question I had was on the, you hit on this a little bit, but on the, you know, the integration strategy, because if you think about how the market's developing and even a, you know, CEO of a rather important EV maker said that, you know, the bottleneck isn't necessarily in getting the lithium out of the ground, it's on the conversion to battery grade chemicals. If you think about your, you know, everybody can see the pathway to the, you know, mid to upper 200s in terms of 2,000s of tons of LCEs. The, you know, the integration capacity is a little more fuzzy, I guess. I'm just wondering if there's any more clarity or when you'd expect more clarity on making more conversion investments and not just tied to the hard rock assets in Canada, just, you know, do you see, you know, putting up more conversion capacity for the carbonate that's gonna be coming out of Argentina, any thoughts, you know, geographically to, you know, to leverage the IRA, what are your, what are your thoughts in terms of, you know, where you are in terms of planning today on this conversion capacity and what it might look like, you know, having this conversation a couple years from now? You know, Chris, you and I have spoken many times about our desire to be more balanced in terms of products, but that is somewhat constrained by what customers demand of us. There'll almost certainly be more hydroxide capabilities than we've individually announced. You know, I think Orocobre is, I think they're the only company out there that has come from a mining background to successfully move into hydroxide production. They have a fantastic asset out there in Japan that we're gonna take a long, hard look and see what more we can do out there. We have Bessemer City here in the U.S. with a, with almost unlimited scope for further expansions. Bluntly, this will be driven by customers. Customers need carbonate too, right? It's not necessarily the case that that being fully integrated means that we will turn every kilo of carbonate into hydroxide. I actually don't expect that to be the case at all. The other thing that Paul was mentioning is today it's a lot simpler to fund operations in Japan or to fund operations in the US on the combined business than it would be for us individually to do it and start up a new business, or in the US or for Livent in Japan. Now it's a lot more easy to meet those customer needs in any region where they need a product and where we have the expertise of what to deliver. It makes a lot sense, as you said, it's quite compelling from that perspective. Don't underestimate, Chris, the ability to move more quickly on an existing site than trying to find a new one. It is a big difference. Yeah. Got it. Just to follow up, and I appreciate your, you know, the, the thoughts, the comments on just, you know, ramping production quicker, just accelerating maybe some capital, just accelerating sort of the plans. Just juxtapose against the idea that some of the synergies come from, you know, from SG&A. Just wondering, you know, henceforth execution is gonna be important and just, you know, your confidence level in the, in the skills and the, and the people you have in place today and the, you know, the ability to, you know, to execute on, you know, just the multitude of projects. Appreciate that. Thanks. Yeah. One advantage of this process that Martín and I have been through is we've got to know each other's teams very well. There's both a good fit between the people, but actually in both organizations, there's world-class talent. Bluntly, we still don't have enough. We're gonna be a net hirer of talent to deliver these projects. We think that the opportunities we can present, the scale of the business, we're gonna be, I think, advantaged in those hiring processes. I think it's another source of competitive advantage this merger brings is we believe we'll be able to add even more talents to our existing organizations. It's not to be underestimated. These are big projects we're taking on. They're gonna take a lot of time, a lot of work, a lot of complexity, and execution is gonna be the key determinant of success for sure. Yeah. As Paul was mentioning, and you mentioned it, this is not about cutting jobs. It may be a few savings here and there in some functions, but where we do have some duplicated functions. We'll really be a net hire of people, and we will need these good talented people to join the organization. Being a larger organization with a larger global footprint, and, you know, being the one that fits more in the industry will help us attract the best talent in the industry. To the actually very good quality of talent that we will have, we'll be adding more talent, and we want to become employer of choice for those people that want to develop in this industry as well. It will put us in a great position to attract that talent and develop our existing talent base. Thank you. Thank you. The next question comes from Corinne Blanchard from Deutsche Bank. Please go ahead. Your line is now open. Hey, good morning, everyone. Congratulations on the transaction. Could you comment on the converts, and it's more for Livent. How is that going to be treated with the merger? Yeah, look, the convertible will be converted frankly, and be part of the transaction. It's a relatively straightforward trade of the conversion. Okay. I'm happy to follow up with you and share the specific details. Sure, sure, yeah, we can take it offline. The other question is, you know, trying to understand. Paul, you will be the new CEO of the NewCo and From Allkem, you will be like do you plan to retire or do you plan to just remain for a certain period of time as a strategic advisor to the NewCo? Trying to understand the dynamic going forward. Yeah. Your question is for Martín, what his plans are? Yes. Well, listen. What I will say is that as the Managing Director and CEO of Allkem until the full transaction is fully approved by shareholders on both sides, I will then move on to an advisory role supporting Paul and the teams on the integration for the needed time to be there. I think it is. Listen, Paul and I have known each other for quite some time now. We've worked very well during the whole due diligence and development of this transaction. We created a very good team. Our teams worked along very well together in the process. I'm here to ensure that transaction is supported and delivers the results that it has to deliver. It will continue to be a pleasure for me to support the transaction at its beginning. Thank you. The next question comes from Ben Isaacson from Scotiabank. Please go ahead. Your line is now open. Good morning. This is Apurva Kilambi on for Ben Isaacson. Just one quick question. Thank you. We've seen a number of OEMs take stakes in projects recently. Is this a source of funding that will be explored further with NewCo? I'll wait for that before I ask my follow-up. Look, you never know what the future holds, but that's not the plan, no. Okay, perfect. Thank you. Thank you. As a reminder, if you would like to ask a question, please press star followed by 1 on your telephone keypad. The next question comes from Aleksey Yefremov from KeyBanc. Thanks. Good morning, everyone, and congrats on getting this done. Have you given any thought to using Livent's DLE technical knowledge at Allkem's brine assets? Indeed, we have and we think there's a good opportunity to cross-fertilize both operations with what we know. As you know, we are looking, we were looking in Olaroz, and we continue to look into potential DLE technologies to expand production capacity there. At the same time, jointly, we will be looking at bringing some evaporation technology in to expand the production capacity from Hombre Muerto. We see a high complementarity between both business and the knowledge. It adds a lot of value. We will not have to look into or deliver or develop new DLE technologies. We are doing some analysis on the associations of evaporators that will basically support both operations and the knowledge on evaporation will enable Hombre Muerto to grow beyond its current potential. You know, Aleksey, I'm sure you know, we've said this a while. DLE is not a magic solution to anything. The constraints that are placed on production are largely infrastructure constraints, and that goes in both directions. You can run out of land on conventional processes. You can run out of other infrastructure, whether that's energy or fresh water with DLE-based processes. We believe that the answer requires both of those. We have no experience, not a lot of extensive experience anyway in conventional processes, and Allkem does. That's gonna be a huge benefit to us, and we have 20-plus years of experience in DLE-based processes, and I think that's gonna be a huge benefit to Allkem's resources. Definitely an area that we are very focused on. Maybe as a follow-up, I think, Livent has a lot of knowledge and experience in Hombre Muerto, geology, hydrology. To what degree it de-risks Sal de Vida project, do you think? Yeah. Look, I think there's a bunch of factors, not just that reason, but I think proximity and knowledge, et cetera, and shared infrastructure, shared people, shared... Just a bunch of stuff de-risks. It de-risks and accelerates Sal de Vida for sure. I'll tell you the largest risk in the project is not on the geological side. The geology on both ends of the salar is a bit different. It's more mature on the Hombre Muerto side. On the Fenix side, it's a more classic salar where we have the risk, and it comes from lowering the capital intensity for building new projects. As you have proximity on the plans, as you know the technology you're going to use, as you bring shared use of camps, doing construction, you know, unified purchases. There are lots of things where we will be saving money and de-risking the projects. Accelerating at the same time because we have a larger execution base on which. Thanks a lot. Thank you. This concludes the Q&A session for today. I'll hand back over to the management team for any additional or closing remarks. No, that's it. Thank you, very much for joining. Again, we'll be having another call, morning time Australia. Thank you. Thank you. Thank you, ladies and gentlemen. This concludes today's call. Thank you for joining. You may now disconnect your line.