All right. Sorry about that.

Normal, generally the same format, just covering off the June quarter which is just finished and the results were released last week. All right.

Just reminder the corporate overview. Focus on mineral sands, predominantly on Kimberley Mineral Sands, the Thunderbird mine, and and that's what we'll speak mostly about today.

We do still have the option for the South Atlantic project. However, as we've previously highlighted, we've retained the option, but we're not currently funding that.

All of our cash reserves and our focus is currently on making sure that Thunderbird is a success. Just a sort of some pictorial updates for Thunderbird where we are in June.

Left-hand picture is the is the mine, an aerial view of the mine. Just I wanted to highlight a couple of things here.

This area here, that that's where we started mining. That's actually our first in-pit tailings cell.

The walls are largely complete, and the infrastructure is being installed. We expect to be starting in-pit tailings deposition during the September quarter.

We've currently mining in this direction here. That's an area we're mining currently where there's very little harder overburden.

We are able to It's free digging, we're not actually having to do drill and blast at the moment. We're We're able to just dig the the pending overburden off the top, and that is expected to continue for the best part of FY 2027.

That's quite positive from a from a cost perspective. We're working our way in that direction and we'll we'll follow that basically go back up in the opposite direction generally not having to do drill and blast for a for for most of the upcoming financial year.

On the right-hand side, the picture of the process plant, a lot of ilmenite stockpile on the stockpiles and so on. No No real change with the with the process plant.

In In terms of the business plan, remember from March 2025 when we highlighted what our what our plan was, we've obviously had we had a couple of rougher quarters and we'll we'll cover that off as we go through the presentation. In terms of implementing this plan, the progress we've we've previously done the drill and blast, although we're not drill and blasting at the moment, we are in a position to do so when required.

The waste contractor and large fleet has been working for over a year now and is is very effectively able to clear waste to at a rate fast enough to sustain a high mining. In the in May, in the quarter just passed, we we separated ore mining and DMU operation, which has made It's It was an important step to improve the availability of both the ore mining fleet and and the DMU, and we are seeing that benefit in the current quarter's production.

There is still more work to be done, we we are continuing to do some refurbishment works on the DMU to make sure that that's en- enhances the availability going forward. Overall, we still expect to achieve this plan, however, now later in FY 2027 rather than Q1 given the given the challenges we had earlier in the year.

In terms of mine throughput, blue line at the top, ore mined, significant step back up in in the June quarter compared to March. March and to a lesser extent the December quarter were impacted by both DMU and fleet availability.

Those both of those sort of situations have improved significantly in the current quarter. Grades fairly consistent, and so as a result we ended up with improved rougher feed feed production for that full quarter.

The other benefit of the fourth quarter over the third quarter, or June over March, was that you know in in the March quarter we still have some, or we have, is when we have the main weather impacts from the wet season. June quarter, very little weather impact.

In terms of the process plant recoveries, you know significant improvement quarter-on-quarter, basically back to around design and what we've been achieving historically. The basic issue there from a recoveries perspective, returning the plant back to its original design parameters and then re-optimizing from there, and generally a focus on plant hygiene to ensure that the we're getting optimal separation in the particularly in the WHIMS units, the the wet high-intensity magnetic units, and that that appears to have overcome those challenges, and we now feel comfortable that we should be able to maintain the design recoveries going forward.

I touched on ore production previously, showing it in another format, but including the forecast for the current quarter. As I said, we we've got the KMS improvement plan underway.

We have seen significant improvement in in Q4, in the June quarter, over the prior quarter. Noting that April was actually a similar month to the first quarter.

April was still fairly heavily impacted by both DMU and fleet availability, and so really that that better quarter largely reflects a stronger May and June, and not over a full three months. The fourth quarter forecast is to either achieve that, and or or or do better, either side of 3 million tonnes.

We still have some refurbishment works, which may impact ore mining during the quarter, hence the the wider range of of potential production for the for the coming quarter. In terms of zircon concentrate, the production was up quarter-on-quarter, largely reflecting the fact that we mined more ore and we had the improved recoveries.

Shipments lagged that improved production, mainly due to one vessel. We had a co-load of ilmenite and zircon due to ship late in the quarter.

The vessel in the end was booked and arrived early in in July, and so those sales slipped into the in into the September quarter. The forecast for for the September quarter is to at a minimum achieve the production around about the production we just achieved, and a comparable amount of sales, and then with the potential to do, effectively an extra 10,000, up to an extra 10,000 tonnes depending on overall mine availability, etc.

That that would reflect if we would achieve the upper end of that guidance, that would be a record quarter for for zircon production. Ilmenite concentrate production, a similar story in terms of the production rebound, higher ore mined and improved recoveries.

The again, the deferment of that shipment in from June to July did impact impact the shipments. We expect a catch-up shipment here in in Q1, and so expecting further improvement in in ilmenite production quarter-on-quarter and high ilmenite shipments as well.

HiTi, I'm briefly touch on this. We we've only produced it a couple of times, once a year or so ago, and then starting in the December quarter into March, and then, however, by early June, we could see that the the market was was relatively weak for this product, and so we stopped producing it.

However, we did ship what was produced. The the reason for the market weakness was that that that product is for for a reasonable amount of the value in it is actually is is monazite as well as zircon and higher titanium ilmenite.

The the market for monazite-containing concentrates in China weakened a fair bit as a result of some changes in the permits or the the availability or the ability to sell monazite concentrates on to monazite processors within China. There's been some changes in the regulations there, and so there was a reluctance from there has been a reluctance from processors to buy monazite-containing concentrates.

We will look to restart that should the should should the market articulate. It's It's really it's not a core part of a product suite, but if when and when if we are able to sell it, it does allow some some additional revenue.

In terms of cash costs, fairly similar quarter-on-quarter. There is a very strong focus on on cost at KMS.

We With the restructuring of some contracts and so on, we are or KMS team is continuing to drive savings, which we would expect to see flowing through to these figures going forward, partly higher volumes, but also lower underlying costs in a in a number of the key contracts. Then from a cash flow perspective for the for the quarter, showing it is negative operating cash flow.

You may remember in March we actually had a we we had a deferral of a of a supplier payment, which then occurred in this quarter, there there's a fair bit of movement quarter-on-quarter. I think as a rule, until we reach steady state, the the the cash flow will tend to bounce around a little bit from quarter to quarter.

Overall, I think where we stand right now is we continue to be at current production and and certainly at current pricing operating cash flow positive on the basis of selling what we produce. It's a it it's a bit of an artefact of the numbers that that shows the negative operating cash flow.

The The reality is, if you if the revenues and costs were were were properly the timing was aligned correctly with the periods, then the cash flow would have been operating cash flow would be positive. To put that in context, you know we we do have a monthly cost burn circa $20 million Aussie dollars, you you you know you even if you even if it's only a couple of weeks of costs that are deferred, that that's a pretty big swing on these cash flows.

I think that that's all I had in terms of prepared slides. Before we go to Q&A, just probably worth touching on a little bit on the the zircon market.

I don't have a a slide on it, the market for zircon concentrate, but we did note in the quarterly that we had seen prices increase quarter-on-quarter again from June over March, and that that reflected the fact that it's really a supply-driven story. Demand in China is has held up okay for zircon, predominantly for non-ceramic applications.

There's a lot of industrial production in China, there's reasonable demand for foundry and and and chemical-based demands, not so much ceramics. The Chinese market has a much higher share of market for those non-ceramic applications than what you see in the rest of the world.

The demand held up quite well despite the fact that ceramics is weak. Supply has we know there's been a number of unplanned supply disruptions around the world, and whilst some of those operations have restarted to a greater or lesser extent, there is still been you know less supply around than people anticipated.

We continue to see strong interest for for product, and you know that that seems to be likely to be sustained at least through the current quarter. I think overall the outlook being shared by you know number of industry commentators is that previously it was a sort of view that yes, it was this year it it was going to be strong for a couple of stronger for a couple of quarters, but no one really knew what the back end of the year would look like.

There there seems to be a bit more confidence that the market will hold up at at sort of at or or even above these above these levels for the for the foreseeable future, which is encouraging. It's It's certainly reasonably significantly higher on where it was, year on year, or at least you know the the back end of last year as prices came off.

We have seen a a reasonable price recovery since since then. I'll stop there and and can take questions.

and

There's a bit to unpack there. We're currently not drilling and blasting, we are waste mining.

We are waste mining day shift only and have been since that's been the situation since I think February this year. The current mine plan, which sees us continuing in the same direction and then coming back, would see that situation effectively staying the same for most of FY 2027.

We haven't put guidance out for the full year. The guidance for the quarter showing, relatively similar unit cost Q-on-Q does include that cost saving or that we're not spending that extra cost on waste mining.

At some stage, we will resume drill and blast mining, and we will go back into ground where the strip ratio is higher and therefore we would need to mine waste day and night in order to shift enough material. We don't expect that to change for FY 2027.

physically, it's not different. We still mine ore and push it into the DMU.

What it is is, operationally, where we were previously was the DMU was being operated by the ore mining contractor, effectively the DMU was being run as part of the mining operation. By separating the contract, we now run the DMU as part of the KMS operations.

What that is a couple of benefits there. One is that obviously it's not the tail wagging the dog, that you're running the process and then making sure the ore is fed to it that way, it's actually a logical split.

The other piece is that being able to take control of operations also means that KMS has direct control over the maintenance, decisions about how to maintain the maintenance philosophy in terms of preventative versus reactive and so on. I think that's what we are seeing now is the emphasis is on doing a bit more refurbishment work, scheduled shutdowns, and that's designed to give us more predictability and more up time.

Now we've already done a fair bit of that, and we're already seeing that benefit in the current performance, but there's definitely more potential to improve the availability and utilization further.

Yeah. The range is probably wider on ore mined than we might have done in the past rather than the concentrate production.

This sort of work, the DMU consists of two two halves effectively in crude terms. There's an apron feeder, which is sort of from the ore hopper to the top of the screens, and then there's the screens themselves.

We did a screen replacement in November last year that old screen deck, strengthened that, a stronger screen deck, and now there's basically some refurbishment works on the apron feeder. We've been operating for nearly 3 years, it needed a bit of work.

That's the main outage this quarter. Work was always there, but we're now there's a focus operationally on now that we're more on top of the mining performance, when the mine and wet concentrator running flat out, they have a higher capacity than the concentrate upgrade plant.

That means we build an HMC stockpile at the process plant. What that means is when the mine is down or the wet concentrator is down, we can actually continue to make concentrate from the stockpile.

What we expect to see is more stability in concentrate production than ore production. That will sort of help level things out going forward.

That is a reasonably significant piece of work we need to do on the apron feeder, we're allowing for that to have a wider range of ore mined outcomes for the current quarter.

Not really. I think, as I've said before, things like refis are a bit all or nothing.

You can't really provide updates on the discussions. We've obviously continued to secure waivers from the lenders for each of the previous quarters.

We continue to have a constructive relationship with the lenders. I think they, like everyone else, were looking to see that the operations would return to the level they were and that, obviously if we continue to run at a low level, that would have been a challenging situation for the business.

It's important that that happened, and now we continue to have those discussions. They take time, it's complicated.

You've got a number of parties involved, and ultimately it's about getting a good outcome for all concerned, and that can take a bit of time.

Look, I think the way to think about the liquidity is when we had a period where both the market prices were weak and our production performance was weak. We're coming out the end of that, particularly with the June quarter.

You see where we're getting back on top of production and the prices are firming. In that environment, we expect to be building or generating operating cash flow, there would be an expectation that the KMS can build some liquidity.

There may still be the odd management of timing. One of the things we do is work with customers, Yansteel in particular, but others as well, to look at can you accelerate payment for product to manage timing.

It is a relatively lumpy. You make a couple of shipments a month, one of each product or a couple of each product, and so that sort of managing the short term.

We would expect now to be within reason, building a little bit of cash in the business. Ultimately, as part of the restructure, we would expect that the business would need a reasonable minimum operating balance, and that's part of the sort of debt restructure discussions.

In the interim, to the extent KMS generates positive cash flow, that goes to building up a bit of an operating buffer within the joint venture.

Look, I think it certainly a much better quarter to be talking about than the prior quarter. The turnaround is real.

It's been a relatively quick turnaround. As I said before, it was really only two strong months in that quarter.

April was still quite a weak month, so, operationally, very encouraging. What's happening in the market is encouraging.

Now there's still a lot of work to do. The business can definitely continue to improve, get back on our original sort of plan to increase the mining rate so that we keep the plant full all of the time, and that's still the plan, but it feels like we've taken a significant step towards delivering that.

Ultimately that forms the basis for the debt restructure, etc., is those future cash flows, and those future cash flows are based on can you perform now, gives confidence that you can perform in the future. We're certainly in a much better place now than we were 3 months ago.

Thanks, everyone. Thank you.