Good day, everyone, and welcome to today's Metals Acquisition R&R statement for CSA Copper Mine. At this time, all participants are in a listen-only mode. Later, you will have the opportunity to ask questions during the Q&A session. You may register to ask a question at any time by pressing the star and one on your telephone keypad. You may withdraw yourself from the queue by pressing star and two. Please note, this call is being recorded. I will be standing by if you should need any assistance. It is now my pleasure to turn the conference over to Mick McMullen. Thank you very much, and thank you everyone for joining us today. We're going to provide a presentation on our first R&R update and our three-year production guidance. They have been released on both the NYSE and this presentation, and the announcement have also been released on the ASX platform. So if at any stage we struggle or anybody can't sort of follow the presentation, you can pick them up on the ASX platform. We've got the presentation here live, and there's the usual disclaimer language, which again, you can read on the ASX platform version. And you know, we've showed this slide before in terms of our growth strategy about you know, improving productivity at the mine and exploration and sort of inorganic growth. And really, today is about discussing that second, that second bucket, which is our sort of in mine and near mine, you know, resource and reserve growth and production growth. This is a fairly significant upgrade in the both resource and reserve for the mine. And it comes on data that was basically from two and a half months after MAC had taken ownership of the mine. So the effective date for all of these R&R updates is the thirty-first of August last year. Any data that's coming after that has obviously got to be incorporated in another R&R plan at some point. And as you'd have seen from some of our announcements with some of the drilling that we've put out, there's some fairly spectacular stuff that has come in after that period of time. In terms of highlights, on slide 6 that we're talking about here now, we've increased the life of mine, based on reserves only, by around about 67%. We now have a reserve-only life of mine out till the end of 2034, and under SK1300 in particular, when we talk about, reserves and mine life or mine plan, we can only include, proven and probable reserves. I do note that, you know, in any typical year, we would mine 10% to maybe 15% of our production from outside reserves. That can't be included in this life of mine or this long plan, life of mine plan that we talked about. We continue to update those mine plans, as new information comes to light. We've managed to increase the reserves by about 64% in terms of contained metal. And as we'll see on a slide coming up, for that 11-year mine life, that is only 95 meters below where the decline currently sits. We've had a 42% increase in resources in total contained metal. Interestingly, the top 800, 850 meters of the deposit is not actually in that resource. That's all old data that we're sort of replicating. And there's a large amount of historical information in that sort of top 800 odd meters that is not in the R&R. We've been digitizing that information. It's around about 70% digitized. It is old data, and therefore, you know, we'll need to replicate some of it. So we have been up there drilling. The reserves have been based on a copper price of $3.76 a pound. That compares to the price on Friday of $4.49 a pound. So clearly, there's a lot of extra upside in this, in this reserve, that we're coming out with now, given the, you know, relatively conservative price, that we've used for it. We are putting out guidance for copper production for the 2024, 2025, and 2026 calendar years. That sees production sort of growing, in excess of 50,000 tons of copper by that 2026 period. If we go to the next slide, you know, I think this is a really interesting slide. The mine has had a very strong track record of replacing reserves, and resources annually. So, you know, it's operated for 56 years with typically a 5 to 6 year reserve life. It, you know, they're sort of, you know, sub-vertical ore bodies. The drilling geometry is such that, you know, you have to spend a bit of money to get ahead of yourself. But with the large backlog of core that we inherited, that hadn't been assayed, that we've now chomped our way through, we've looked at sort of cut-off grade, and sort of ore body continuity and additional data from level mapping. And you can see here from that graph, the, you know, very material increase in total resources relative to the prior years. Now, we always felt when we did the due diligence and purchased the mine, that clearly the resource base, you know, had the potential to be significantly bigger. I guess, in some people's mind, it was of a certain size, but perhaps was, you know, somewhat limited in potential mine life. I think this R&R today answers that question, that actually, this is a substantial ore body of high grade. All of the ore bodies are still open, as well in more than one direction. So if we then go to slide eight, as I said, mineral resources around about 1 million tons of contained copper now at a pretty phenomenal resource grade of 4.9% copper. And not only have we seen a significant jump in total contained copper, importantly, the measured and indicated category has gone up by around about 83%. And that's obviously the bit that you can use to convert to reserves. You can see on that long section on the right-hand side of the page, you can see there that the green is the 2022 resource, and then that sort of light brownie-looking color is where we've added resource in the 2023 period. So that's really been no deeper than the existing resource. It's some extensional stuff to the sides. It's a little bit of shallower material up through the sequence, and that small little QTS South Upper thing sitting right up near the surface, which is a very high-grade ore body. The majority of which is still in the inferred category, so very little of it turns up in our reserves and our mine plan. But, you know, we see a fair bit of potential there as well. We have seen a bulking out of the ore body at depth as drilling has sort of filled in around the edges. And so tons per vertical meter have actually expanded as we've as we filled out that data. So whichever way you look at it, I think a 42% in contained copper and an 83% increase in measured and indicated is a pretty phenomenal sort of increase in a very short space of time that our team at site and our independent resource CP and QP have delivered, you know, pretty quickly actually for us. The fact that everything is still open gives us a lot of comfort that there is potential, subject to exploration results, for this to grow even further. But I think the important thing is that, you know, the majority of this increase actually is at depths no greater than where we had the resource in 2022. If I go to slide nine, this waterfall graph sort of indicates, you know, where we started out, at the end of 2022, and then the production in those eight months of the 32,000 tons of copper. And you can see actually through that that whilst we have dropped the cut-off grade from 2.5% to 1.5%, as a result of the reduction of costs, mainly off-site costs, it really added about 47,000 tons of that total increase. So, you know, it's important, but actually the biggest single change was, you know, related to interpretation of the ore body, and then promotion of sort of mineralisation that was known in the past that hadn't made it into the resource. On a lot of instances, some of that was on levels that we had developed, and we actually had crosscuts through the ore body every 20 meter spacing, and some of that stuff hadn't made it into the resource at all. And in sort of most mines, that material, once you've got development through, would be in the Measured category. So we've actually seen a promotion of this material from, you know, mineralized, but not in any resource, often as not up into the Measured and Indicated category. So, near enough to 1 million tons of contained copper, everything is open. This mine has produced around about 1.5 million tons of copper so far. And I think this, you know, this demonstrates that this mine has some longevity, that perhaps some people hadn't quite realized. If we go to slide 10, obviously, you know, CSA is a copper mine. It did start out its life as a very high-grade zinc operation and zinc copper. And as we've been mining the data, so to speak, this, in this top 800, 850 meters, there is significant high-grade zinc with copper mineralization sitting up in there. We saw that in one of the drill holes that we announced for QTS South Upper, the QSDD00060, that had 4.3 meters at 14% zinc and 4% lead, and a bit of copper and silver. And so as we've gone through and digitized that data, there is a large data set of high-grade zinc historical drill results in that upper portion of the mine. And as I indicated, that information is pretty dated, and therefore, to be able to incorporate it into a resource, we need to go and at least twin a substantial portion of it. So we've had a surface rig up there drilling, and that core photo is from up near around about 300 meters below surface. And that intercepted about 15 to 16 meters of massive sulfide with what appears to be pretty high-grade zinc in it. And we will announce that and the other results from that part of the mine as and when they come through. So again, we aren't specifically chasing non-copper mineralization, but we do see a fair bit of potential there. And the interesting thing is that's up in that sort of level, approximate to where QTS South Upper is. And so in theory, subject to exploration and mine planning, you know, that material could end up sort of, you know, forming a joint mine in front in that shallow, shallow part of the mine. So it's a very interesting, interesting thing. There is a fair bit of copper mineralization up there as well, and the answer today is that we know we have significant mineralization there. Exactly how that comes together into a resource and a potential mine plan remains to be seen. But again, the top 800 meters of this mine is not devoid of mineralization.... That particular drill hole is within 30 meters of current development and within 50 meters of the decline. So again, stuff that you can go and mine relatively quickly and relatively cheaply, but we do need to go and do this drilling to establish, you know, what has been mined, what hasn't been mined, and exactly where it is. And clearly, as shown by that piece of core there or those core trays, that material has not been mined. So moving on to slide 11. In terms of the reserves, again, all of the mine plan, you know, is reserve only, that we're publishing today. We've got around about 500,000 tons of contained copper at a grade of 3.3%. It's a 64% increase in contained copper after the depletion. It gives us an 11 year mine life, and again, everything is open. Good grade. We have dropped the grade a little bit, from where we were before, and that's a function of two things: slightly lower resource grade, although that's not probably the bigger, the bigger thing. The reduction in cut-off grade as a result of the reduction in off-site costs, has meant that, where historical material has been left, you know, medium-grade material or sort of a lens that, that when you bulked it out, was a little bit lower grade. Due to those quite high off-site costs historically, those things fell below the cut-off grade of 2.5% before. In this instance, now we've been able to include that stuff, and so again, we should be mining anything that's above economic cut-off grade, again, using a pretty conservative copper price compared to where Sprott is or where many other players are sort of doing their reserves at. Excuse me. You know, I think we should mine every ton of copper we can at $4.50 copper. As I alluded to earlier, those reserves over the next 11 years only extend 95 meters below the bottom of the current decline condition. If you look over on that little image on the right, you can see that sort of, that bluey-looking shade of material, which is the new reserve, and at QTS North, the main ore body, where about 75% of the reserves are, you can see it's actually at the same level as last year's. We've just sort of bulked out the ore body as we've drilled out the edges of it. QTS Central, again, we've extended it up and down a little bit. Again, it's a bit shallower. But I think, again, there has been a bit of a perception that we would mine to a significantly deeper depth than where we currently are in order to extend the mine life. We feel very confident that the ore body will continue on for quite some way. We know we have inferred resources that are sort of 300 meters below the bottom of the reserve. But you know what? For the next 11 years, we're only going 95 meters deeper than where we currently are in the decline today. The majority of QTSS Upper A, which is that, again, that little thing up on that top right near surface, you can see a very small little blocked-out reserve there. Again, the majority of that material is in inferred. However, you know, our intention is to go and mine that thing, we feel pretty confident about it. And I think the other change has been, we've updated the modifying factors of the reserve to try and predict grades a little better. You know, as we've looked at, you know, reconciliation data, the previous reserve at 4% copper, we were typically mining at 3.5% to 3.8% on that reserve. So we think that the sort of current reserve grade is sort of more likely to be what we actually, what we actually pull out, and with a bit of luck, we may surprise a little bit on the upside on grade as well. Some of the inferred material is higher grade, in fact, than the average measured and indicated. So again, subject to drilling and modifying factors and success in those areas, as that inferred material may or may, you know, may be included in future reserves, we or the mine plan, we may see a little better grade than where we've got the reserve grade. But again, I think from a confidence of hitting this number, this is a number where we're very confident that we can we can achieve that. So, long story short, we've ended up with 500,000 tons of contained copper reserve at a, you know, a very good reserve grade. And again, lots of opportunity to increase this, subject to exploration success. Waterfall graph on slide 12, again, just showing where that material came from, and a fair bit of it was to do with the new interpretation of geology, new information, and again, slightly change of cut-off grades. We've adopted a bit of a hybrid approach to cut-off grade. So we have a constraint on the return air rises ventilation at the bottom of the mine, right now, which will limit the number of working faces. And so for the next couple of years, we've adopted a slightly higher cut-off grade of 2.2%. And then longer term, we roll back to a 1.6% cut-off grade, when we can really open up the production and attempt to fill the processing plant. Now, we'd like to say we, we will fill it. I think that's a tall order. It's a very large, hungry processing plant, but I guess we, we have the metal now. And importantly, when you're trying to make long-term decisions, we actually have the mine plan and the resource base and the reserve base to allow us to make proper capital allocation decisions going forward. Interestingly, we now have about 230,000 tons of contained copper in the measured and indicated category, and about 180,000 tons in the inferred category, which has not made it into the reserve. And if you were to look at the SK1300 report, and the stuff we released on the U.S. exchange, we have to quote resources excluding reserves, and so you can easily reference that material there in those tables. That gives us a fair bit of extra material that is subject to a bit of further work available to turn up into the reserve in future. So that's quite good, and again, we'll stick to sort of using a pretty conservative price, you know, sort of well below where spot and well below where a fair few of our peers are running their reserves at. So overall, you know, again, we've got a great result on reserves. We've come up with a pretty good mine plan that we feel is very deliverable, and that sort of allows us to produce more metal up front. We can. We are not sterilizing that material between 2.2% or 1.6% for the next two years. We can come back, and we do come back in the plan and get it. But in a way, if you think about this as of an open pit, we wanna go and mine the stuff that maximizes value in the near term for us, as much as we can. So going on to slide 13, I think with this increase in the reserves, we've now established CSA Copper Mine as a long-life asset. The majority of the mineral reserves are actually on levels that we've already developed or sort of down to where the decline is. So the ground conditions and ventilation requirements are very well known. So for, again, from a risk point of view, we aren't mining off into areas that we actually don't know about. This is a pretty low-risk plan. You can see on both of those images, QTS North, again, is on the left, QTS Central is on the right. The blue on both of those shows the reserves. The yellow shows the inferred resources, and you can see it's just a straight arbitrary cut-off line, you know, at an RL for where the indicator stops, which then converts into reserves, and then you go straight into inferred. And then the green material is where we have drilling intercepts, we have mineralization, it just didn't quite make it into the resource. So, you know, with a bit more drilling on QTS North in particular, you can see that, you know, there's a fairly good chance that, that will continue on at that same size on its way down. But as I say, we aren't actually going much deeper than where we currently are. The key, the key to unlocking the mine, as I've said, is the return air rises at the bottom of the mine, the bottom 300, 400 meters in QTS North. There's about an 18-month to two-year work program in order to get through that. Approximately AUD 40 million worth of capital to do that, and if you refer to our ASX IPO, use of proceeds, we had a portion of money in there for growth capital, and that is squarely in that bucket, for growth capital. We're adopting a slightly different approach with this stuff. We're going to drive out about 200 meters away from the ore body and put those vent risers in, into significantly better ground conditions. We think that actually gives us a better long-term solution than historically what's been done here. The technical report, the full SK1300 technical report will be lodged with the SEC, at some point during the, the back end of this week. And that has, as all technical reports, has a large amount of detail on all of the mine plan and the annual production, as a result of that, and all of the ventilation and other capital, will be in that report as well. So moving on to the three-year production guidance, slide 15. So we've given a range here, around about 5,000 tons range for each year. Again, the technical reports that we publish, you know, have to be effectively a single point estimate. These ranges are probably a more appropriate way to look at life, just given the inherent variability within the ore body. But again, we can see a gradual increase in production, and really by 2026, the drivers there are unlocking the vent at the bottom of the mine and QTS South Upper, you know, bringing in some reasonable production. That's based on reserves. We have a significant amount of excess processing plant, haulage capacity, that we are just limited with the vent at the bottom of the mine. But, you know, I think the interesting thing here is that the existing haulage and processing plant infrastructure can do significantly well in excess of 50,000 tons of copper. So I hear often people talk about fill the mill. That would be a great day for when we fill the mill, because this is a large processing plant capable of doing well in excess of, of where our guidance is sort of, suggesting here. We do have a large resource base now that we can sort of try and optimize as we go forward and be a bit optimistic, sort of opportunistic, I suppose, to try and pick up a few of these other little deposits around. The other thing I would say is, you know, these operational turnarounds aren't linear in nature. You know, some quarters will be better than others, but, you know, we're trying to focus on delivering a sort of a sustained improvement, as opposed to, you know, sort of looking great for a quarter or two quarters, and then sort of production falling back and not being sustainable. I think there's been times in this mine's history when, you know, perhaps they've sort of robbed Peter to pay Paul a little bit. And we're trying to sort of get the building blocks in place so that we can get that sustainable, deliverable, gradual increase in production and sort of take it, you know, back potentially beyond where we're sort of indicated here now, as we learn more about the ore body. So again, a large amount of data, drilling information is coming post this resource update. And so already we're sort of working on the next resource and reserve and mine plan update already, but we wanted to update the market on where we've gotten to. But just going back to the highlights, you know, I think we've delivered a very large increase in mine life and reserves. Apart from sort of, you know, the equity market being able to maybe value us a little bit better. We when we purchased the asset, you know, there was effectively a 5.5-year reserve life in place, and that shaped our debt structure. And now, obviously, we have the ability to sort of put a completely different debt structure in place, given that we have a much longer mine life. So, we were somewhat restricted in the structures we could put in place when we bought the asset. And I think this obviously changes the, you know, the type of debt stack that we can try and put into, you know, that we can get in place. And Morné, our CFO, is pretty busy working on that as well. So, you know, with that, I think it's been a huge effort from our team at site and our external QPs. And the tech report, as I said, will be published on our, on the SEC site later in the week. And, you know, with that, I'm happy to take any questions from anyone. At this time, if you would like to ask a question, please press the star and one on your telephone keypad. You may remove yourself from the queue at any time by pressing star two. Once again, that is star and one to ask a question. You can also submit your questions via the webcast by selecting the button located on the bottom right side of the webcast page. We will pause for a moment to allow questions to queue. We will take our first question from Ralph Profiti with Eight Capital. Thanks, operator. Good evening, good morning, Mick. Thanks for taking my questions. Firstly, you talked about this 10% to 15% of production coming outside of reserves, and that's typical for every year. I'm just wondering, is that concentrated in one particular area? And is this below reserve grade material, where this is more of selective mining, but still economic? Is that kind of the strategy? No. Look, to be honest with you, it's not really. It's sort of in and around the ore body, like, on each level, so it's not like right at the bottom or anything. I'm just going back to the resource slide here. In fact, if you look at the inferred resource grade, it's actually the highest bit of grade we've got. Mm-hmm. So yeah, it's sort of in and around the main, the sort of main ore body. On any given level, yeah, there's probably, I don't know, 10, maybe 15% of the stuff that we mine on every level, that would be inferred. So the way those classifications work, the bulk of that inferred, you know, is sort of below, but like interspersed through the ore body as we mine it, we do get inferred, and it is pretty good grade. Sure. Yeah, okay. Yeah. And then just as a follow-up, we're seeing this bulking out at depth, and presumably spatially, this is happening in all directions. And I'm just wondering, is there indications that QTS Central and QTS North perhaps come together at depth as they both swell out? Is that kind of what the geologic model is perhaps telling us? Perhaps is the answer. Categorically, we don't have enough information to be able to say, but you can see there on the slide that I've got up, slide number eight. Mm-hmm Y ou know, there's not a lot of space between Central and North. So look, the answer is we just don't have enough information to find out what happens in between all of that. And similarly, actually, between Central and QTS South, we have another series of drill holes in there that have intersected, you know, ore grade widths and grades, but not enough to put a resource around. So again, part of the drilling this year is to go and actually test that area, and see what we can find in that gap there. You know, I think these ore bodies are spatially relatively small, but very high grade, so a lot of metal. So, you know, you, you've just got to drill. Gotcha. Yeah. Thanks very much. We will take our next question from Daniel Morgan with Barrenjoey. Hi, Mick and team. First question is, where are you on the backlog of drilling that existed a while ago? And I guess, a two-parter, like, where was it at 31 August last year, and where is it now? Yeah. So, when we got the keys, there was about 17,000 meters of drilling. By the time we did the cutoff, I don't know, we probably still had, I would say, maybe 8,000 meters, maybe 9,000 meters, that hadn't been assayed. And today we're down around about 2,000 meters. So, you know, there was still, from when we cut the data off, there was, I don't know, maybe another 7,000 or 8,000 meters that came in from old data, plus the stuff we've been drilling as well. So, you know, there's a fair bit of new information still coming in, I suppose. Thank you. You outlined that we're gonna get the full report later this week. Is it possible to summarize the CapEx required on that three-year window that you're talking about at all? And in your guidance. No. Look, it's off the top of my head, I wouldn't wanna, I wouldn't want to give you the numbers with the, in, without the report. Look, the report will be out in the next couple of days, I would think. Okay. Thank you. The press has linked you to a process for Mount Isa. Are you currently engaged in a process on this? What, what, what can you say about that? Well, I can't really say too much, but other than that, I'm unaware of a process. Okay. Thank you very much. We will take our next question from Ben Catalano with Wilson. Oh, good day, Mick. Can you hear me? I can, Sam. How are you? Yeah. It's, yeah, it's Sam Catalano, brother of Ben. Yeah, look, I just wanna push you, Mick. Look, I think you've done a great job in, yeah, explaining and outlining the geological upside. I just wanna push you a bit on the ventilation and the return air rise construction. Obviously, I'm aware that Glencore tried a couple of times to put some raise bores in down the bottom, and ground conditions were a concern. You talked about moving 200 meters away to better ground conditions, but I suppose, how much confidence do you guys have that the ground conditions are materially different? And at what point would you need to change tack and perhaps, you know, go to sharp sinking as opposed to putting in a couple of raise bores, which are obviously gonna be cheaper and easier? Yeah. Well, we've been out doing, we're out geotech drilling in that area. So if you look at the geotechnical reports from, you know, when the previous owner was putting in those raises that didn't go so well, you know, you'd almost say that's probably the last spot you'd put them. Yes. So the ground condition away from the ore bodies is, you know, progressively better, but stepping off about 200 meters looks to be the, you know, the sort of the spot where you'd wanna be. And the other thing is that, you know, we'll do these legs progressively so that it's not like they're all off and then they're all on. So, you know, over, you know, you'll do a 100 meter raise, say, for argument's sake, you'll get some additional vent, you'll do the rest, you'll get some more. So that it's not an all or nothing type scenario. Yeah. And so for the, for the two, I think it's two times 200 meter raises, is that in terms of time frame, is that like a two year sort of completion window? Yeah. But we, again, might do it a bit quicker, but yeah, 18 months, two years. Okay. Great. Thanks, Mick. That's all from me. Sorry, just before y ou know, fundamentally, when we look at debottlenecking the whole operation, what is the thing that stops you getting more production out? That ultimately ends up becoming your bottleneck. You know, right now, it's sort of you're on the edge of it, and the hybrid cut-off grade strategy, you know, addresses that a little bit. But, you know, fundamentally, to get a lot more material out of the mine, you need to address that ventilation. And once you've addressed it, actually, you know, the ore body probably could give you more than what we're putting, you know, in our guidance right now. But, and certainly, the infrastructure can take it. The challenge is like, you know, you need to do the work, and then we can progressively increase, you know, where we think we might get to. Right. Thank you. We will take our next question from Eric Winmill with Bank of Nova Scotia. Great. Hi, Mick and team. Nice to see the results out today. Just a question for me here. In terms of 2024, when we think about this, is it fair to say, you know, Q1 is probably gonna be the lowest production quarter, just given the power outage, and then probably kind of sequential increase, or should we sort of divide by three for the back half of the year, do you think, with that play here? Yeah, look, I think directionally, obviously, Q1 will probably be our weakest quarter. I think is the short answer. You know, based on the amount of ore that we've got blasted and the stopes that we have, you know, about to sort of come out, I think Q2 will be should be pretty strong. And then Q3 and Q4 will be also relatively good as well. So again, you know, probably back three quarters loaded for the sort of the production, I think. And we've spoken in the past about, you know, we turn over 70 to 75 stopes a year. The top 6 of which could be a third of our metal. And in fact, we've got two stopes, you know, about to come online, which, you know, are probably 20% of the metal for the year. So, you know, it's a great thing having this super high-grade ore body, but, you know, you do have a small number of stopes that drive your production. And just depending on where you are quarter by quarter, you know, you either, you've either got some or you don't. And on an annual basis, it all, it all smooths out. But, you know, on a quarter by quarter basis, we do have a fair bit of variability in it, and yeah, I think it's fair to say that Q1 will be the weaker quarter of the year. Okay. No, I appreciate that. It's really helpful. Maybe just one more on the drilling. Can you just comment on how much drilling has taken place, you know, since the August cut-off? And then as it relates to that upper portion, I know you're still digitizing, still early days, but what's the plan here based on what you're seeing now in terms of drilling that off? Have you done much drilling in the upper area in 15 years? Yeah, well, look, well, we've done a bit of drilling. We'd like to do a lot more drilling. It's a bit slow because you're sort of, you know, you got to drill in around voids and infrastructure. But drilling from surface, it's relatively quick. We'd be doing, I don't know, 25,000 meters of drilling a year, give or take, maybe a little, maybe 30,000. And so since August, you know, we've done nearly 20,000 meters of drilling, I guess. Plus whatever we had as a backlog, whatever that number was, 5,000. So there is a significant amount of data that's still going to come in. You know, while I don't have the specifics of all the drill holes, you know, we've announced some of them, and you can see that there's some spectacular results in there. There's nothing we're seeing out of that drilling that would give us cause for concern that the ore bodies didn't continue at depth and didn't bulk out as we go down, you know, around that sort of inferred, you know, really bulking out and converting. Quite frankly, in the upper portion of the mine, you know, we can see what the historical data is telling us, which is, you know, significant zinc mineralization over 300 to 400 meters. Now, it is old data, and it will need to be confirmed by new drilling, but so far, the holes that we've plugged in have hit what they were supposed to hit, where they were supposed to hit. And it's not been mined as, you know, as per the void models. So, you know, I think this ore body can continue to give us a fair bit more. So I, you know, I think I could say with a fair bit of confidence that whilst we've come up with a, you know, a large R&R increase here, I, I don't think that's going to be the end of, of where we get to. Okay, fantastic. Thank you. Well, congratulations on the update. Appreciate all the extra color, and I'll hop back in the queue. Cheers. Thanks. We will take our next question from Jackie Przybylowski with BMO Capital Markets. Thanks very much, Mick and team, and congrats on the update. I just wanted to circle back with a comment you made in the prepared remarks, Mick, about filling the mill. And maybe you've sort of answered this already, but can you just maybe give us more detail, in addition to vent raises, what exactly would need to happen in the mill, or sorry, in the mine, for you to be able to fill the mill? Sure. Look, I sort of caution people a little bit here when they sort of ask me: Well, you know, what's the mill rated at? And look, you know, at the back end, it'll do 80,000 tons of copper a year. And we, you know, when we have the ore and the grade's good, we sort of round it up, you know, a week at 70,000 tons annualized at times. But I'm not telling people that we will get to 80,000 tons. I think that we should just, you know, look at what we put out. The key things to getting more production, you know, whether we partially more fill the mill, is more working faces, which again, is dictated by ventilation. The hauling shafts and everything will sort of, you know, will take certainly more than what I think we can get out of the mine right now. Better consistency, quite frankly, is the other thing. And just sort of better planning in place. And again, you know, without going into the full technical details, part of this ventilation plan is not just to, you know, have additional air at the bottom, but the current ventilation system is not perfect in that it sends clean air down to a level, and then it actually brings the air back up at the same area. So, you know, you're fighting clean air with, you know, with air that's coming back up, right? So the change of the system will allow us to actually not only get more vent down the hole, but actually be more efficient because we'll have a proper flow-through vent system. After that, it's just sort of mining 101, just getting better plans, turning over stopes quicker. There's a few things that they're doing at site that allow us to turn over stopes quicker. Running down that second paste fill line, so that that allows us a bit of contingency, and we can sort of run paste at sort of two parts of the mine. You know, it's not highly advanced mining things that we have to do here, but we always come back to, apart from just running the business in a well-planned manner, it always comes back to vent. Thanks. And just as a second question, just also to follow up on something you were saying about, you know, looking at the old data and digitizing old drill holes and maybe twinning some of them. Is that something that we might expect to be incorporated in a R&R in a year from now? Or is there gonna be some kind of mid-year update between now and say, this time next year? I would think we'll probably end up doing some sort of interim update. I'm not so sure how much of that drilling in that upper area we will have in there by then, but all this other stuff that we're doing, we will definitely have in. And yeah, so I think at least for the next 12-18 months, the speed of new information will sort of, and the impact that has will probably necessitate us, you know, not just doing an annual R&R. I suspect we're doing an annual plus an interim, just given the amount of new information that's coming in. That sounds great. That's everything from me. Thanks and congrats again. Thanks. Once again, if you would like to ask a question, please press the star and one on your telephone keypad now. We will take our next question from Brett Hucker with Canaccord. Mick, thank you very much for the call. Just going back to your point around your debt stack, could you maybe just talk to your aspirations there, what that might look like, and how that might translate to the interest line, just at a high level? Sure. And again, it, it's in our various other sort of deck. The deck that Morné spoke to at the, at the end of, for the annual financials had, had all of our debt in there. You know, we have, as of today, give or take about $183 million of senior and about $135-ish million of the subordinated debt with Sprott. The, the Sprott facility, again, it has a variable interest rate, but it is, it is, you know, fairly high. And so, you know, we would like to end up where, in a scenario where we currently have a senior debt profile of three years from when we close and, and Sprott's at five years from when we close. In an ideal world, we'd like to get everything into a sort of a senior-style facility at, you know, a significantly lower cost of capital. We have the ability to call that Sprott facility in June next year and pay a 4% make-whole payment. And the interest rate on that is somewhere in the order of 13% to 14%. It depends on the copper price, but clearly, that would be an attractive return for equity holders to pay 4% to save that interest rate for the next three years after that. So, you know, senior lenders, in particular, will look at your reserve life, and they will shape their, A, their quantum of debt, and B, their profile of repayment based on how much mine life you've got left after the loan is repaid. Typically, you need to have a third of your reserve life after the loan is repaid. So we had a 5.5 year reserve, so you end up with a three year term. Clearly, with an 11 year term, you know, there's a lot of different financing options on the table. And so it would be too early to sort of, you know, try and comment on where financing will come out at. But clearly, when we did the deal, you know, copper was $3.70 a pound. It's currently $4.50 a pound. We've raised a lot of equity, so we've equitized the balance sheet significantly. And we made some big inroads in cutting costs at site, and now we have a full, you know, an 11-year mine life with which is open everywhere. That's a very different credit proposition for the lenders. So I think we believe that we can get, you know, reasonably better terms out of that total profile, both in terms of repayment profile and cost of capital. So it's a TBD in terms of where that comes out, and Morné and the finance team have got a lot of work to do on it, but we now have the building blocks in place to be able to have those conversations. Great. Thank you. We will take our first webcast question from Tim Hoff. "How large was the QTS South Upper resource, and what was in the reserve? Off the top of my head, and again, it, the full detail is in the technical report, which, look, it may well be tomorrow when it's EDGARized and lodged. It's relatively small. It'd be about 13,000 or 14,000 tons of contained copper in it, at a pretty good grade. And the reserve on it is, off the top of my head, it's about 50,000 tons of ore, out of that total. So, you know, the reality is, you know, in our internal mine plan, as I say, we typically would schedule in third, and therefore, you know, we've got enough there to make a decision to move forward with that thing. But the official reserve would be small, right? You can see that on the slide that I showed here, which I'll just flip to. If you look at slide 11, up on that top right, you can see that bluey-looking material is just really a couple of levels. But if you go back to the slide that showed the resource, the resource clearly is much larger than that. Fair bit of potential in that area and also down around QTS South. QTS South is also small in terms of spatial extent, but it is very high grade, so that remaining grade in that block model is around about 7% copper. So again, it's small, but very high grade lenses. Our next webcast question is a follow-up from Tim Hoff. How much further down is the deepest hole from the bottom of the resource? That's a good question. I'll just go back to this slide here. So below the bottom of the reserve, we've got around 300 meters to the bottom we've inferred. And we'd have drill holes that, you know, of economic width and grade, you know, if it would just have more drilling, probably another 200 or 300 meters below that. So if you think about mine life, the next 11 years is going 95 meters below where we are today. The inferred resource and sort of drill hits around the mineralized material, you know, continues down another 300 meters past that. So to be honest with you, I think hopefully after today, resource and reserve life should not be an issue in people's minds. I think you can sort of see directionally that, you know, there's obviously potential to go further, you know, longer than what we've currently put out there, just given that everything's open. The challenge for us right now is to mine more of it and mine it faster. That's the key. Because when copper is $4.50 a pound, you want to be producing everything you can. Thank you. It appears that we have no further questions at this time. I will now turn the program back over to our presenters for any additional or closing remarks. Well, I'd just like to thank everybody for dialing in. Again, the full technical report will get published here on with the SEC in the next 24 to 48 hours. But, you know, we think that extending the mine life on this thing officially, that now we can talk about a full reserve, only mine life out till 2034, should hopefully change the complexion of how people look at the asset. But I think also people can sort of get the picture that, you know, it's a snapshot in time, really, from August of last year. There's been a significant amount of new drilling post that, and look, we do when we get to a level and we go and mine it, 10% to 15% of that production from a level is outside our reserve. So can't be included in the official mine plan, but that is the reality of what happens when we get to a level. So again, it's a great time to be in copper. We've just delivered a very large increase in both resource and reserve. And, you know, we are a sort of a, you know, a pure play copper producer. With that, I'd like to close off and thank everyone for their time. This does conclude today's program. Thank you for your participation. You may disconnect at any time.