Thanks, Peter. Hello to everybody.

Good morning, afternoon, wherever you are. Thank you for joining, as ever, and support your support of Metro Mining.

Look, I'll I will, as usual, sort of share on the screen the the release that we put out this morning. Hope we can see that.

I'll I'll walk I'll walk through this. As Peter said, if there are any questions, put them through the chat function, and we'll we'll try and get to them at the end.

Look, a record quarter from a tonnage point of view. I I'm pleased with that outcome, given that we had mobilized in March to try and get an early start, and then that was that that effort was stymied by by a large cyclone which came across the Cape.

We didn't get much damage or or any damage on the site at all. Obviously, the shipping channel had was affected by what were quite significant waves.

We were able, though, I think, to come back online in April quickly and address, I think we learned a lot from last year's We had a similar non-cyclone event, but a similar kind of marine event at about Easter last year, where we had some damage to the channel. Honestly, the the damage this year was probably a bit worse, but we were really on top of it quickly.

We had dedicated tug crew and tug assets with a a specialist plow ready to go, and we were able to start barging, literally, in the first week of April again and steadily building up the the building up the the draft in the channel. Really, not as much impact as as it as it could have been, or or we would have had in the past.

Again, that's an example, I think, how we're trying to create increased resilience in our business to in external weather events, particularly. Ikamba was also away on a its statutory 5-year dry docking cycle in Indonesia, and we also took that opportunity to do some maintenance on various parts of of of the the vessel.

She came back towards the end of April, and we were able to get her running in in May again. It probably slightly later than we had anticipated, but that was partly due to us stopping off in Singapore to take up some some diesel fuel so that we sort of mitigate against any any shortages.

She had a few issues in recommissioning. Turned out that some of the cylinders we'd replaced in Singapore, there were some fault faulty work on some of those, and we had to re, repair those.

Then that repair wasn't really satisfactory, we decided to bring her down for a a shut and replace all the cylinders on one of the cranes. We have four large 4-ton hydraulic cylinders that operate each crane, and last week, we took her down and replaced all four of those cylinders so that we're effectively then and and flushed out the whole hydraulic system, etc.

We we did actually plan a a shut in, in in June in July, it was just a bit longer than than than than we would normally We planned a 3-day shut, and we were shut for so just over 6 days. Look, that's gone well, and she's back in she's now back in operation this week.

Look, if I if I then sort of rattle through, I think, some of some of the things that really please me also about the last quarter, we, June, we saw certainly the first 3 weeks of June, we saw really proof of concept around our new operating system, and and that was probably the three most higher highest capacity, less less variability weeks with all of the system, all all of the supply chain working extremely well. That was in challenging tidal conditions and and some weather, as well, and so we really saw, I think, proof of concept in those first 3 weeks of of June.

We're also, notably—and this this is important from a a cost point of view—we we're 70%, I guess, higher than where we we we planned to be in terms of waste clearing. Those of you who've been following us for a while saw that last year, we did, our ore movement did get constrained to in the second half of the year by a lack of waste, a or a a limitation in the waste clearing.

We're now way way ahead of that. That's that's had some cost impact in in this last quarter, but it's something that that, I think, strategically sets us up really nicely for the second half, where where which is always our strongest our strongest period.

I think of note as well that one of the things that that our integrated planning has been focusing on—and this doesn't really come through the numbers in in in some senses, but it's all part of our our real focus on variability—was was grade control and the ability to take what is quite an expensive and detailed grade control program and really convert that into a a consistent ore quality through to to the barges and through to to to the shipments and customers. That's been a real focus over the last 6 months.

That is is is significantly better in terms of of where We mine We mine from two two or three pits at at one time. Getting that blending right, getting those grades right on the ship is is really important in a DSO operation like we are to get that to get that right.

We don't have a a processing plant where we can sort of even out some of those grade issues. That's gone extremely well, and we have added two new customers have taken trial cargoes over the last quarter and into this coming quarter, which is really, really pleasing to see in terms of customer diversity as we grow as and also as we grow our business.

Notably, we've extended our port stockpile after working on approvals there. That is part of our Q1 resilience and and and cash neutrality drive, and that allows us to then put, probably almost 400,000 tons onto stock there if we can mine that in advance of the wet season.

That then disconnects our mine from our port, and we can, if the weather is sufficient, we can then continue to load to load ships even if our pits have have got waterlogged with rain, etc. That that allows us, particularly in March, to start and have some confidence around it.

Despite how bad the wet season may have been, we can really have some confidence about being able to load vessels, at least from a from a from a a mine a mine supply point of view. I'll pass to Nathan in a minute to talk a bit about about finances and maybe a bit more about that new integrated planning and operating system.

We ended, pleasingly, the quarter with $24 million of cash. From a secured debt, we're now down Our debt is in U.S.

in U.S. dollars.

It's down to just over $30 million $30 million. From a balance sheet perspective, that really puts us is in good shape, and we're we're we expect to be close to cash-neutral, sorry, to be net cash in in in this in third quarter, by the end of September.

I will talk a bit about the market in in a minute and talk a bit about, and look, I think, just I'll make a comment here, and and Nathan may add to that. Look, the EBITDA margin, which we've been, we knew the market was soft coming into this year, and irrespective, we were targeting roughly around a, a double-digit margin.

We were still aiming to try and hit about a $10, $9 to $10 Australian EBITDA margin. That that was affected, obviously, some one-off nonrecurring items like like the recovery from from the rail, some of that maintenance work, and a little bit of scale.

We we were we were looking to try, honestly, to do about 1.9 to 2 million in this quarter, and so we're a little bit down, a little bit down on that on that target. Of course, oil price flowing through.

Now that isn't, that that is is not is not a nonrecurring item, excuse the excuse the double negative. That is, that that's likely to be with us for the remainder of the year and is roughly, a $2, to $2 to $3 Australian sort of impact on on on the bottom line.

Look, I think, a slightly weaker FOB netback, but I guess the main issue there was costs and and scale. Look, I think, where we're, as as a as a business, where I'm really targeting in—this was a very weak pricing quarter—was that that we're still delivering double-digit margins, and that certainly was the the the target.

A couple of things there for us to work on as we as we go through. Let me cover off on the sales stuff, and as always, we sort of have a bit of a a more detailed deep dive into the market on, coming coming through.

I think with, with the aluminum sector being strong, and and this is obviously just a a 12-month view on the left here, but but what was That that trend would still have been positive, and you can see, even with the correction that's occurred over the last sort of few weeks, that we're seeing a very strong aluminum sector. That that that's under underpinned by long-term trends around electrification, around lightweighting of of vehicles.

The construction sector generally is still pretty weak, but we're we're still seeing really strong, 3% even up to 4% demand for aluminum coming through, and that's that that's flowing, mostly still flowing through to production. Indeed, the market's recognizing that that China is not going to be adding a lot of capacity in in aluminum production.

The incentive price to bring new smelters online has got to be higher, given given the capital advantages that we know exist in China. That's still a very strong positive story.

We've talked about alumina, in the middle here between bauxite and and aluminum. That that has suffered from an oversupply over the last, year or so, and we did see the bottom around sort of January January, February, March this year, and then a sort of a recovery, roughly around that 200 RMB per ton equivalent, maybe slightly more.

That's about a $30 to $40 increase in in in that in alumina pricing. Look, I think that partly that's about, a bit of rationalization of capacity in China, there are a couple of refineries have curtailed and shut down.

I think that that that's partly that, and we're also seeing a pull-through from from that aluminum that aluminum demand on the top. We're seeing China currently averaging about 46-million-ton annualized sort of capacity, which is a bit above their 45-million-ton kind of cap.

That's that's flowing through, and we're seeing increased demand out of India and Indonesia. I guess, this is all in the context of the Middle East not not taking as much alumina as they would normally take.

There was, this has happened in in the context of extra alumina sort of flowing around the market trying to find a home that was wasn't flowing into into the Middle East. Look, I think I think we've seen the bottom.

We're going to see prices rising, I think, from alumina point of view, and that's good news from a bauxite perspective because bauxite prices also have to rise from the bottom, and there's a few reasons for that. Again, we saw around that, February period, March period, we saw a low in bauxite pricing, and and that has also sort of recovered.

Now whether that's driving alumina up or whether it's pulling, sort of forcing it up, obviously, there's a there's an equilibrium issue here. I would argue that that that we're not the bauxite price not really is in equilibrium at the moment.

At the moment, there's a bit of a standoff where we're seeing, currently about 70% of the bauxite used in Asia-Pacific is is comes from West Africa, particularly from Guinea, and and the freight rates from Guinea have gone from just over $25 a ton in January—and and that was probably a decent average over last, the last 12 months—and that r- that rose to about $45 U.S. per ton in on a dry basis.

Averaging over the last quarter, probably around 40 bucks in, and so and and certainly, we saw at the bottom of the market in February some signs that some Guinean producers couldn't make money, at the sort of, low $60s. I think the the Guinea price got to about $62 for the standard 45 grade, and that would have been a lower price.

A lot of the Guinea material now is not 45% alumina. It's more like 43%, even down to, 42% and 41%.

The so the pricing the delivered pricing for those lower grades would have been sort of, probably below below $60. That that is, that was challenging.

Some producers already in in February, when that low was there, and we've only seen about an $8 to $9 rise so far. It certainly hasn't covered the freight cost rise, and it also, if Metro is seeing around a $2, $2 to $3 Aussie dollar rise, and we've got pretty short-haul distances and pretty short transshipment distances compared to Guinea, they would be seeing probably the, $3 to $4 U.S.

dollar-type impact on their mining their mining costs over there. It certainly hasn't risen enough to cover those costs.

At the moment, we're seeing a bit of a standoff between alumina producers who who've seen a bit of a a rise in price, but not not not much, and and and sort of there's a bit of stock on the ground from an oversupply of bauxite over the last 6 months after the Guinea government had said that they were going to restrict exports. The unfortunately, they announced that quota or restriction and then didn't didn't go through with it from a legislation point of view, or haven't yet gone through with it.

Anybody who had excess stock on the ground put it on a ship and and got it out before the before the quota could be put in place. I think, something's going to something's got to give here.

We've seen shipments to Guinea drop from Guinea, ships to Guinea and shipments out of Guinea drop by about half over the last 3 months, and so that that probably isn't enough to to sort of sustain the demand. We're going to have something's going to give here.

We've either got to see the price go up or or or supply from Guinea probably drop a little bit further. This is an interesting period, and and and we've just got to see some of that excess stock in China start to, start to get absorbed, and there are signs that that's that's getting getting fairly close when I when we we sort of talk to some of our customers and the people that run that run the ports, and we're seeing some of that stock being taken up.

Look, from a Metro point of view, unfortunately, we we price our bauxite in advance. The Quarter 2 pricing was done round about Chinese New Year in the end of February before the, before some of these price rises had come through.

It was a pretty weak pricing quarter for us, having to compete with a, oversupply out of Guinea and and so on. Look, we we were able to, to agree agree those prices with our customers and and ship them, and we were still, as I said, we were still aiming for [inaudible], absent some of those one-off issues, we would have hit that or close to it.

We've already seen, as I said, a an increase, a bit of a a bump there. We've we've negotiated prices for this quarter, roughly about, $4 U.S.

on average higher on a CIF basis, so that's about a 9% increase from where we were. Subject to, obviously, demurrage and freight and other issues that that that hopefully that will flow through to towards the the the bottom line.

We're now, pretty much, we all all the contracts for this year are scheduled, and so we'll be pricing again in China, sort of probably towards the end of this month and next month, in that period, we'll see what happens to to market pricing with with that sort of, I guess, that that tension that I just talked about playing through into into the market. Nathan, I'll I'll hand over to you, and maybe, if you want to maybe talk through some of the other numbers.

Great. Thanks, Simon.

Like mentioned a little bit earlier, the key focus for us this quarter, one of the key focuses has really been, the implementation of this revised management operating system, which, as we've spoken about previously, especially in in the last quarter of last year, was really a focus not necessarily around capacity, but was really about lifting the average performance and reducing variability. Naturally, the you can see you can see the this sort of step change that we had in production and the consistency of that production, particularly in the month of June.

Taking that variability out is is not only the right thing to do in of itself, but it really increases the operation's capacity and bandwidth to be able to deal with the extra complexities, particularly that we dealt with in this quarter. When I think about the operational court context of the quarter just passed versus of the year on year is there was quite a little bit of extra things to deal with operationally: not only the the the tropical cyclone and the impact that that had on the controlling depth of the river system, but the extra complexity of dealing with the geared vessels as well while the Ikamba was away.

Those are all extra external things that can really impact impact the supply chain. With the backdrop of those extra complexities, it was really pleasing to see the Q2 record results, sort of versus year on year.

That was really pleasing because, for us, this management operating system is as much about setting what is a a minimum level of acceptable performance, which is exactly where the resilience of of the operation now comes from. Naturally, we're going to see ups and downs in price cycles, and the test of the business is to be able to continue to cash-generate within that context of weaker pricing and some operational complexities.

From that perspective, it's been pleasing to still have strong operational cash flow in this quarter and to really set ourselves up to be able to, yeah, deal with those complexities, but these other nonrecurring items like the geared vessels and the and the increased freight freight costs associated to that. Also, like we've seen, a pretty substantial impact for things like diesel pricing as well.

To be able to withstand some of those more macro-driven influences has been has been quite pleasing. Like Simon mentioned a little bit earlier, that sort of, hides in the numbers a little bit, but, where we stand at the moment in terms of our clearing and stripping performance, which we've highlighted in sort of our monthly operational updates, is, has far exceeded our own expectations at the beginning of the year.

When we sort of look back to the September-October period last year, where that had become a constraint and essentially, essentially crawled us towards the end of the year, to be sitting here now with that strip horizon in front of us is a fantastic position to be in as we start to look towards what's going to be prime-time loading conditions. You can see that impact even just now within the April-June, in terms of the mining versus shipping numbers, you can see that healthy ROM as we prepare to go into these next-level loading rates versus the the much smaller ROM we were sitting with at this time last year.

A pleasing quarter in terms of the economies of scale being there, being able to show the resilience to some external macro events, but most importantly, really setting ourselves up at this point for for prime-time loading. Thanks, Simon.

All good. Look, there's some good operational detail in here, I think, for those of you who go through it and to describe what we've been doing.

We also safety stats. Unfortunately, we had a serious accident during the quarter, which involved a low-speed truck rollover.

The driver was okay, but again, we're constantly trying to improve those areas. We take, obviously, those accidents seriously, but any what we call high-potential incidents, where there's sort of, effectively, what we call a near miss, and we go through now full investigations of all near misses which could have caused an injury, and then we're trying to maximize statistics there.

I'd also just want to call out the results of our dry screening test work, which we've been running over the last sort of 6 to 9 months. It's a really interesting and important part of Metro's future as we sort of seek to extend our resource base and reserve base.

We've had really good proof of concept around taking higher-silica ores and putting them through a pretty rudimentary screen. This is our backup screen on-site, which we use when we take one of the larger screening units down, and we use this sort of what we call a scalping screen to, a mobile scalping screen to do the work.

We've been sort of fitting it with different aperture screens, and we've been running higher-silica materials through there, and we're getting really good proof of concept now around taking even up to, I think, our highest, 19% silica material and putting it through the screen and getting a saleable product at about a sort of 60 60% to 65% yield, and lower silicas even up to 80% yield to get saleable product through. This allows us now to look at those resources and say, "Right.

Okay. Where does that allow us to convert resource into reserve?"

That's a big focus for us now in terms of maintaining and extending our operating life out further. That's some potential announcements on that, subject to competent person sign-off, etc., towards the end of the year.

I also just wanted to, a little bit of really nice kind of work by our environment and community team in a couple of spaces. One was sort of setting up and us hosting the naming ceremony for our big tug, Mandang.

She's been on-site now for about a year, or more than that, but we hadn't had the opportunity last year for a number of reasons to formally welcome her. Mandang is the Ankamuthi name for strength, and so we were able to get a lot of our traditional owner groups from the Seven Rivers Corporation and the Old Mapoon corporation plus members of council and local traditional owners onto site, onto the boat, and have a blessing and a proper welcome, a really nice event, a couple of politicians and other guests as well.

It was an excellent kind of showcase, I think, to what we're doing up there. The other aspects there, and as I mentioned in the past, we've won an award for promoting and sponsoring and hosting educational programs up on the Cape, with one of them through the Jonathan Thurston Academy.

You can see some of the graduates there from the JT Believe program, a brilliant program, obviously sort of architected by Jonathan himself, and really a big shout-out to the team, both the teams at the school and our own team, and then a nice bit of fun there with NPA College painting some boots for the Gold Coast Suns for those of you fans out there, really nice opportunity for them to get involved in sport and kind of giving a Queensland footy team a real sense of the length and breadth of our state and the support they've got, particularly in some of these communities. A really excellent opportunity there, and well done to the team for doing that.

Look, that's where I might stop there and take any questions. Yet 5 million ton, second half of the year is where we really go hard.

Economies of scale come through. Costs come down, tons go up.

I expect that also to be in at least a strengthening price environment for us, it's the most important part of our year for where we make all the margin. Critical.

Still targeting that 6.6, 7.1 sort of guidance, 7 7 million's been the big nameplate number that we've been looking for out of our expansion. I guess what we know about June from that first part of June and now into July is that we've got the consistency and reliability and the capability to get that done.

Ikamba's back operating after her shut, and yeah, I guess we're all primed, ready for that. Peter, if we've got any questions, happy to take them.

Yes,

we do have some good questions come through. Congratulations on an excellent quarter of production, some great numbers in there given the environment that's impacting current prices and contracts as well.

A first question is interesting. It's regarding critical minerals associated with Metro's bauxite, such as gallium.

Is there anything else within the ore that you regard as valuable that might be worth looking at?

Look, gallium's a hard one. It's there.

It's definitely there, but it really isn't something that's economically able to be extracted at the bauxite level. It's really one for our customers.

Our customers who buy the material, they're obviously processing and extracting the alumina from our bauxite, and pretty much everything else ends up in a residue called red mud. That's got iron and it's got a bit of bauxite in it still, iron and any other sort of minor minerals end up in that residue.

It's really not economic for us to do that, and it's not really at a level where there's not an economic case for buying our bauxite just to extract the gallium. Look, we've looked at that.

What I would say, though, is we've got on our lease, and it's part of our thinking as we move forward, we've talked a bit about kaolin in the past. Kaolin sits underneath the bauxite that we've got, and we're also sort of now looking, we've also got some quite nice silica deposits.

In terms of the glass market, particularly solar panel glass, which is something that sort of is in high demand, obviously, it's a pretty low-price commodity, certainly below 100 $100, but we've got now, I guess, the operational supply chain to be able to look at that. Look, we're investigating our leases for the presence of silica and the ability to be able to extract that and get it out.

There are some things, these are sort of more slow-burn, longer-term issues, but we're not sort of asleep at the wheel. We're certainly looking at those things in a methodical way.

Thank you. Next question says, "Great progress with the integrated planning and grade control.

Are you planning on further customer diversification? What value upside are you expecting from this approach?"

Look, the answer is is yes, and it's something that that we naturally should be doing anyway as we grow we're growing the business. We've talked about growing from 7 million tons.

We've gone from, a 2-million-ton run rate from the last from from so 21 up to up to now what we hope to be around 7 for this year. That's already meant that we've, probably added a customer or two in that space.

The the the the what we need here is probably four or five, core customers. The market is also evolving.

I think we we've now we've now probably served, 15 or 20 refineries directly over the last, 6 or 7 years. Our product is more is more well known.

I think in a market, a more normal market, bulk market, these these things tend to run, go become a bit more short-term in nature, where people sort of have baseloads, but also, they maybe put a bit more onto the spot market. I can see that happening a little bit with with bauxite.

I think there's some pros and cons to that, you've got to be you've got to be aware and and use different methods to sell the product. Last year, we saw the use of auctions and things like that.

We don't yet have a trading platform that people can trade on, but I and I think that may not be too far away. Look, the market's definitely evolving.

We're working hard directly with customers, existing customers, new customers. There are probably four or five new refineries that are are either have commissioned or will commission this year on the coast of China.

All of them are set up to take our product effectively, and so we're working with all of those groups. As I said, I I was really happy that we've sort of brought on two new customers at least taking trial cargoes over the last couple of months and and this this this month to to bring on board.

Look, the the push is always on, the team working very hard in China even in a, even in a difficult market where there's a bit of oversupply. We're certainly still getting a lot of interest in in working with working with Metro and and having, I guess, the security of supply of an Australian Australian-based bauxite producer.

Thanks, Simon. The next question is regarding the share buyback.

Can you give us an overview or comment on your timing plans for that?

Yeah. Nathan, do you want to touch on that?

Sure thing. In terms of the buyback, we had anticipated Q2, for all the reasons particularly around weather and, obviously, the recommissioning of the Ikamba that was scheduled for May, it was always anticipated that we would have a slower start to the buyback and look to start ramping up around this time.

Obviously, in that intervening period, we had the conflict in the Gulf and some increased diesel prices. That's just made us be a little bit prudent until we're in a position, like we are now, in terms of, one, our physical security over fuel and otherwise seeing the Ikamba being back up and running at the right nameplate capacity.

Expectation at this point is you'll start to see activity from us on that in the very near future.

Thank you. All right.

Now, probably one for Nathan, but item number 1.2, line 3 of the cash flow statement: production costs at 47.7 are very low versus the corresponding period last year at $73 million, despite increased production this past quarter. Can you explain the large difference there?

Sure thing. It was, certainly, as you sort of filling these out, it was a number that jumped out that we did some sense-checking over.

Essentially, what it is for us is there are some timing differences in there between, now this is cash, in terms of how much AP you bring into the quarter versus what you end with. A lot of it is price-driven in there.

In terms of if you looked at the receipts, there'll be sort of a proportional, commensurate decrease in those receipts from customers, as well, just due to that softer pricing. Something that we've spoken about and speak to our local members about is there is a high royalty burden here in Metro of up to sort of 15%.

You've got a bit of price-linked movement in that production number as well.

Thank you, Simon. Moving right along, let's see.

Got a few here to go. Could you please provide commentary on Metro's expectation for site costs and freight costs for Quarter 3?

Look, we've gone on record. The target for this year was always this $30 U.S.

delivered into the market. That combines, obviously, our site marine costs and also our freight.

We've said that even that was meant to be an average across the whole year. Now we're not going to achieve that as an average for this year with the, I guess, impost of fuel and also some of the kind of maintenance and other things that we've had to deal with.

We think that that's a realistic target, including all of those elements, for the second half. U.S.

dollar $30 delivered into the market at that 5-million-ton run rate is a realistic outcome. What underpins that is the economies of scale, effectively going from more like a 7 800 tons a month up to that sort of 900 tons per month-type run rate.

That's where we're looking to run at for certainly the next August, September, October, November. Those are the kind of numbers that we're going to need to run at.

From a freight perspective, as we've talked about, last year, we took the decision to continue to take out longer-term contracts in freight. I guess, from our point of view, we do have a good sense of the market, and we felt the numbers at that time were good without being at the bottom of the cycle, but we could contract competitive rates.

Look, that's stood us in a good position. For last quarter, had we not contracted freight, we would have been in lossmaking territory, right?

That's what put Metro into trouble back in COVID, 21 2020, '21 period, right? It's been a strategic decision.

It's sort of seen a good stead. We've still got a large amount of cover for this year, roughly 80% to 90% for the rest of this year and a decent amount next year and the year after.

We're going to steadily layer in when we see the right opportunities those freight contracts. What I'm hoping is that that differential between CIF and FOB is going to become a bit more predictable.

Our FOB proportion, as we grow, is dropping, and so a larger component of CIF pricing, which will show then a pretty predictable differential. That is based upon our sort of sub-$10 freight rates that we've locked in.

Look, overall, as I said, $30 U.S. We do still have a lot of currency hedging in place, even if the exchange rate was to sort of bobble even further, we can largely predict that for the rest of the year, as well.

Look, that's our target.

Thanks, Simon. One for Nathan.

Could you please provide some additional detail on the $9.6 million year-to-date release of amounts held for financial assurance and performance guarantees? In particular, what drove the release, and is it permanent, or could Metro be required to provide replacement cash collateral or otherwise replenish these arrangements in future periods?

Sure thing. There's a mix of a couple of things there: one just being sort of contractual structure or expiration around some guarantee timing, and the majority of it being essentially release of surety out of the Financial Provisioning Scheme.

It's something that we've spoken about a little bit in the past around first prize around the FPS being really reviewing our own internal processes around what can we do to reduce that surety required, by beginning at the sort of liability, what can we do around that liability. The environmental team have been able to leverage a lot of hard work that's been done on implementing their progressive rehabilitation plans, that essentially gives you more resolution or definition on the actual rehabilitation requirements there, and allows you to apply some nuance into some of those liability calculators that you otherwise wouldn't be able to do.

The net effect of that has been that we've been able to reduce that surety, which is a really pleasing result. Look, outside of that, I don't foresee any significant increase in that surety being required.

A lot of that just depends on the mine plan that we forecast out. I think the focus for us now is essentially to find a solution for that surety.

I'm confident that we'll get that cash back into our balance sheet before the end of the year.

Thank you, Nathan. Finally, a question regarding dividends: can you update or report on the company's plans on a future dividend payments?

I think, yeah, look, I'd better take that. Look, I think we've got a dividend policy out there on record, and it's about distributing, I guess, at least 20% of cash flow after the debt servicing, etc.

That's what we intend to stick to, absent any other kind of call on the cash. The next time we'll review that is obviously at year-end when we do the year-end tot-up, and we have a very good sense of also what the wet season spend is going to look like going into next year.

Look, I think I don't want to make any commitments. The aim, of course, is that we do pay dividends, not the share buyback, I think, was a certain instrument for a certain time in a certain market situation and a certain, sort of a company situation.

If we can, the dividend will be our preferred mechanism. At this point, obviously depends on how we go in the second half of the year.

If you can maintain the efficiencies and the numbers that you're producing now, that future is looking good. Thank you everybody who's joined us today.

It's pleasing to see that everybody's stayed from beginning to end. This is being recorded, we'll be able to send it out to you all, as well.

Thank you for your report this morning, Simon and Nathan, and we look forward to hearing from you all again soon.

Great. Thanks, Peter.

Thanks, everybody. Thanks for joining.

Thanks, everyone.