Good morning, everyone, and welcome to our quarterly call. Our executive team is here with me today for the Q&A as always.

Before we start, I'd like to acknowledge the traditional custodians of the land on which we stand, the Whadjuk people of the Noongar Nation, as well as the First Nations peoples of the lands on which Sandfire conducts its business. We pay our respects to their elders and leaders past, present, and emerging.

I'd also like to acknowledge that today is a National Day of Mourning in Australia for the victims of the Bondi Beach terrorist attack. Our thoughts and prayers are also with our Spanish team and the local community following the tragic train accident that occurred when two trains collided between Madrid and Huelva on Sunday.

As we always do, let's start with safety. We finished the period with a group TRIF of 1.3, down from the 1.4 reported at the end of September.

While a pleasing outcome, we must continue to learn from every injury and high-potential incident to further raise awareness of the risks in our workplace and strengthen our control environment. More broadly, in the first half of the year, group copper equivalent production of 72.1 thousand tonnes, representing 46% of the midpoint of our unchanged annual guidance range of 157 thousand tonnes, with volumes now expected to be incrementally more weighted to the second half.

All other key annual guidance metrics, such as underlying operating costs and capital expenditure, remain unchanged. Notwithstanding, I might add, the significant benefit we're now seeing flow through to our C1 costs from the sharp increase in byproduct prices.

Of course, this outlook reflects a strong forecast improvement in performance at Motheo in the second half, which I know Jason is looking forward to discussing with you. Having been forced to bring forward and complete planned maintenance ahead of schedule following the premature failure of an OEM specification grate in the SAG mill, we expect an uplift in Motheo's throughput rate in the second half.

While the improvement plan that our team and key contractor have in place is expected to deliver an increase in the availability of mobile fleet servicing our open pit mines. This will, of course, support the transition into higher grade ore at both T3 and A4, which has been further derisked by the early completion of the dewatering program that followed the extreme weather event of FY '25, and our decision to fast-track the relocation of mobile equipment to A4 in the first half to ramp up deferred waste stripping.

We believe this decision has also derisked our plans for FY '27, recognizing the importance of A4 and its higher grade ore. I should also note that all ore mined at A4 during the second quarter was stockpiled adjacent to the pit, with the delivery of its higher grade ore to the processing facility's ROM stockpile only now ramping up.

Collectively, it's these key drivers that underpin our confidence in the 61 thousand tonnes of copper equivalent production forecast for Motheo in FY '26. When thinking about cash flow and costs, you may have also noticed that only three concentrate shipments sailed from Walvis Bay in the second quarter, with the planned fourth shipment having since departed in early January.

Turning to MATSA, its first half was far less eventful, as the complex delivered copper equivalent production of 46.4 thousand tonnes, representing 48% of the midpoint of its annual guidance range. This robust start to the year was underpinned by an increase in higher grade polymetallic ore feed in the second quarter, which coincided with an improvement in flotation recoveries.

An incremental uplift in metal production is expected at MATSA in the second half, with a further increase in higher value polymetallic ore being mined within the western extension of Aguas Teñidas. More broadly, we pride ourselves on getting the basics right and ensuring our operational teams are not distracted.

In this context, I'm pleased to say that our underlying operating costs at both MATSA and Motheo remain, yet again, well aligned with annual guidance at $87 and $43 per tonne of ore processed, respectively. As I've said before, we expect the UOC at Motheo to increase slightly in the second half as the proportion of high grade A4 ore feed rises, given additional haulage and handling requirements.

From a strategic perspective, we invested $5 million in regional and another $5 million in near-mine and extension exploration programs in the Iberian Pyrite and Kalahari Copper Belts. We expect our investment in regional exploration in the Motheo Hub to accelerate following the recommencement of drilling activity in December 2025.

During the quarter, we also signed a binding term sheet with Havilah Resources that provides a pathway to earn an 80% interest in the Kalkaroo Copper-Gold Project and establish a strategic alliance to explore the highly prospective Curnamona Province in South Australia. These agreements create a wonderful opportunity to replicate our successful entry into the Kalahari Copper Belt.

Since announcing the transaction, I'm also pleased to say we've made strong progress working with the Havilah team to advance the definitive transaction agreements ahead of their shareholder vote scheduled for the 6th of February. That brings me to the fully permitted Black Butte Project.

The recently announced results of the pre-feasibility study for the Johnny Lee deposit and updated mineral resource estimate for Lowry confirmed the economic case for the development of a high grade underground mine underpinned by a leading approach to sustainable mining practices. Importantly, this study, which derived a post-tax NPV of circa $100 million at a copper price significantly lower than spot, only considered the Johnny Lee deposit, with the satellite Lowry deposit, which would be accessed, I might add, from the same decline, providing a low-risk and low-capital-cost opportunity to materially extend mine life.

As flagged, we've since commenced a review of the project's fit within the group's global portfolio, which will primarily consider the materiality of the opportunity within the context of Sandfire's own significant growth since the group made its original investment in the project in FY '15. Bringing this together: we have the talented people with proven exploration, operating, and development credentials.

We have high-quality operations. We're producing a preferred suite of commodities, and we're in a strong financial position.

We generated unaudited group sales revenue of $344 million for underlying EBITDA of $167 million in the December quarter at a margin of just under 50%. Having achieved our targeted balance sheet position with net cash of $13 million at 31 December, we're perfectly positioned to fund the various commitments associated with our planned move into South Australia, including the A$31.5 million cash payment payable upon satisfaction of all conditions precedent and the initial A$15 million cash payment that will kickstart the proposed exploration strategic alliance with Havilah.

It is an exciting time for our company. Let's go to questions.

Thank you.

G'day, Brendan and team. Thanks for your time, and Happy New Year.

Straight on to the Black Butte news, can you expand a little on the considerations here, maybe some goalposts around hurdles, timing of these processes as they are underway?

Look, thanks, Levi, and Happy New Year to you and everyone on the call. I think the critical message that we want to get across here is that, as we'd expected, the pre-feasibility study, again which doesn't contemplate Lowry, but of course when we think about the project, it's pivotal to the NPV, certainly showed a strong economic case.

An economic case that, if you start to build in prices that some of the market commentators are referring to, it shows the leverage of this project given its scale and given its grade. I also note it's a fully permitted project.

You'll notice the reference that I made to the review. I've talked about the fact that we would undertake such a review for many months as we approached the completion of the PFS.

That review is primarily considering the entry and the logic for entering North America, building a project in North America, given the scale of the opportunity in reference to Sandfire's own scale, recognizing the growth of the company in recent times, and hence the reference to materiality. We are absolutely convinced that this is a project that will get built.

With regards to the timing, I don't want to go into the elements too much. I'm very respectful of the fact, as I need to be, that we are an 87% shareholder in a publicly listed company.

Having now formally confirmed that we are undertaking that assessment, I'm not going to go too much further other than to imagine we look at all alternatives with respect to the future. What I would like to add, however, is I would expect that by the time we report our financial results for the full year, circa August, that we will certainly be in a position to provide much more clarity in respect of that process.

Thanks, Levi.

Good. Thanks.

Just one more on that, though. Just so I understand the potentially impact of Lowry, what sort of quantum could it have on the 30-odd thousand tonnes of production?

It's not so much a capacity issue. I think we've mentioned a few times in the past, this is a fully permitted project, and I think it's fair to say that that's been a healthy but onerous process.

I don't think anyone's contemplating changing the configuration with respect to the project that would necessitate different approvals. It's really around life extension, Levi, remembering that the initial life that's defined in the PFS is around 8 years.

As I mentioned, Lowry is particularly interesting because it effectively is a continuation of the orebody, which really means it's development across into another area of the orebody. That comes at very, very low capital cost, particularly when you think that the plant and equipment will already be in place.

It wouldn't surprise you that the potential impact on net present value relative to the $100 million that was flagged in Sandfire America's release, based on $4.70 a pound copper, can increase significantly once that's taken into account. Hope that helps.

Yep, got it. Thanks.

Last one, net cash, you've got there. What happens now?

It doesn't seem to be any material capex on the horizon, Kalkaroo's a little bit out, maybe this is not there, yeah, can you give us some goalposts around how you're thinking about that in the context of your franking credit balance?

Sure, Levi. I think, first and foremost, no change to how we think.

I'll pass to Megan, and then I might just wrap up with a few thoughts.

Thanks, Brendan, and hello, Levi. Very pleasing with the net cash position we've reported unaudited of $13 million at the end of December.

We've managed to reduce net debt by $301 million over the past 12 months, and I think achieving the rapid deleveraging that we have, albeit in a generally slightly lower price environment than what we've seen in recent months, I think that's a real credit to our operations teams and that continued disciplined approach. As you noted, yes, we've got that net cash number.

Important to note, that doesn't yet include upcoming payments in connection with the proposed transaction with Havilah. A$31.5 million payment upon completion of the transaction, and a further $15 million payment in relation to the initial phase of the exploration strategic alliance.

I think no change in terms of what we've said before in terms of our approach and returning excess cash to shareholders, but we've been very deliberate in framing that as only when we have cash on the books, i.e., not prospectively.

I think the one thing just to wrap that up, we've also said that we're not going to get to $1 of net cash and then distribute funds to move ourselves back into the negative side of the ledger. As Megan said, I think therefore we just commend people to really take into account those commitments because, effectively, they're just around the corner.

Should conditions precedent be met on the 6th of February for the proposed Kalkaroo transaction, those payments come through. We think about our net cash balance at 31 December very much in that context.

Of course, as we look to the full year, if prices are maintained as they are, and, on that respect, your guess is as good as mine, we've clearly find ourselves in a very, very strong net cash position, and then there'd be obviously I think quite a different level of focus and discussion.

Nice one. Thank you.

Thanks for your time.

No, thanks, Levi. Appreciate it.

Good morning, Brendan, Megan, Jason, and team. First question on Motheo.

As you mentioned that weighting of 46/54, just trying to understand the confidence around that, and how that doesn't shift further to the right, particularly around Motheo and then the fleet availability, haulage intensity at A4. I know you mentioned the fast-tracking of mobile equipment.

Maybe if you can provide a bit more on that. Then also the A4 mechanics, just the grade uplift into the second half, and how quickly that feeds into the plant.

Thanks.

Thanks, Kaan, and appreciate the question. I think, perhaps before I hand to Jason, yeah, we recognize that mining has variability, and I've often talked about standard deviations, error bands, and so on.

We started the year circa 6 months ago suggesting we'd have a ratio of 48/52. We're sitting here at 46/54.

We've seen an incremental shift in that. I think the difference here compared to prior years in the past is we've probably had more to make up at MATSA, where, in some cases, in underground mining, you typically have less degrees of freedom.

This year, for the first time, Motheo's arguably had a softer start than we would have anticipated. We understand why.

Therefore, as I mentioned, we have a high degree of confidence in the outlook, of course assuming there's no other unintended outcomes. Last year, we for instance had a once-in-a-200-plus-year rain event, we're certainly assuming that doesn't repeat.

I think before I pass to Jason to talk about the confidence in the outlook, it's probably quite nuanced. One of the things that's really important to understand that, with the dewatering having been completed at A4 ahead of what we'd assume when we spoke to you last in the last quarterly update, we actually proactively moved fleet back towards A4 more quickly to derisk the outlook for A4, not only in the second half, but into next year.

It was subsequent to that that we started seeing lower fleet availability at T3. In effect, that exacerbated the outcome because we'd moved that fleet.

Of course, we don't make decisions for the short term. We think about maximizing value and trying to derisk that outlook as much as we can, and so we'd make that decision every day of the week.

It has put us in a very good position, not only giving us confidence in the back end for A4 and increasing confidence, but I think, more importantly, from my perspective, also setting us up very well for FY '27. Maybe, Jason, you can tell us, because I think the grates in the SAG mill are also worth mentioning, because we're not the only party to have been impacted by this, if you like, flaw in the foundry and the casting process.

I think it's worth touching on that and the fact that's behind us, and some of the other elements as we look forward.

Thanks, Kaan. Look, building on Brendan's commentary there as well, if we look at the last quarter, there's two key factors that really affected Motheo metal production.

Brendan touched on it there. We'll start with the grates.

If you look at the quarter, overall ore processed tonnes is about 7% below our 5% our 5.6 million tonne per annum annualized processing rate. That's solely due to the premature wearing of grates.

Now, we know that that is related to a casting issue, right, related to OEM grates, which are supplied by the OEM. Now, that OEM uses multiple foundries, right, to actually cast these grates.

During our routine inspections as we went through the quarter, we noticed that there was premature wear or accelerated wear in specific positions on each of the grates. We could actually see lines running across the grates where we saw accelerated wear or additional wear through there as well.

Once we started talking further with the OEM, they, as Brendan alluded to, had identified that other customers had similar issues, and that related to a specific foundry. They've informed us that they've stopped using that particular foundry, and the new grates that we now currently have in at the moment were actually cast by the original foundry that the OEM has been using in the long term, and they've had no issues with.

Short answer to that one is that issue's behind us. We've been working well with the OEM.

There were additional issues around, so that those grates were originally planned to be replaced in Q3. We've had to do that in Q2.

The time it took to actually replace those was probably about 3 days beyond what we had planned from the original shutdown for that purpose as well.

Mainly because you're forced to react, and as I understand it, Jason, just to be really clear, with the new grates in, you're now seeing good performance, very good performance. I think the other critical issue there is that, therefore, we're not only confident, we know it's not related to changing characteristics of the ore: grind, hardness, those features.

It's a specific fault in the casting process. Correct.

Associated with one specific foundry.

That's it. Yep.

If you like, we took the opportunity during these shutdowns to do full mill relines. Where we are confident at the moment is that we are set up now to have a very strong ore processing performance there for the second half.

We've taken our major shut for the year, and that's behind us, and we've got a really good run throughout the remainder of FY '26. If we look at the second key factor there, and that relates to lower grade presented to the plant, and the root cause of that is lower fleet availability, and particularly face positions that we achieved during the quarter, related to overall mining performance.

If you look at it and where we are probably more sensitive to that in the last quarter than other times is that we're making a transition between Stage 2 and T3 and Stage 3 and T3, where Stage 3 is currently taking over as being our major ore source coming out of T3, and at the same time, we're coming down on the orebody or the main part of the orebody at A4. Right, now if we look at fleet availability, during probably the last 6 months, we've been undertaking, or the contractor has been undertaking, planned shutdowns, mid-life rebuilds, on some of our key pieces of equipment, and most notably on our trucks and drills.

If we look at it during the quarter, we had during that time three trucks out for most of the quarter on planned downtime for engine replacements. Given the age of that equipment, they're hitting about the middle of their life at the moment, we do need to do that work.

That work was known, but you put that in conjunction with our transition between Stage 2 and Stage 3, right, we are sensitive to impacts on face position. If I direct everyone to Appendix A, you will note on there that we mined from T3 around about 700 thousand tonnes of high grade ore for the quarter, right, that relates to that transition, and hence, we're overall a lower grade or slightly lower grade than we expected for the quarter.

Now, looking forward, as I said, we've been working with the contractor on managing this period, which was known. We've had a very good response from the contractor.

We've got very good attention. We have additional resources on-site from both OEM and also elsewhere within the contractor's group.

We're comfortable that the contractor is making very good inroads. Particularly with our truck fleet, we're seeing significant improvements in that overall availability, even as we speak now in January.

Looking forward, there's no doubt that we'll come through this, and this is something that we've dealt with before with contractors. We're coming through this, and the other thing is that we have all of that ore and high grade ore sitting in Stage 3 and at A4 sitting in front of us for the rest of the period.

I think, Jason, maybe just last point, we've probably labored the point a little too much perhaps between the two of us, but I'd just observe that this isn't the first time that we've had temporary issues with availability. I'm sure every mine you've worked in, from time to time, you've got to shift focus and bring attention to bear.

During commissioning, we had exactly this issue. Yep.

That top levels of management of both companies got very much focused on it, and we very quickly managed to arrest it. As Jason said, we have teeth in the contract, such that if, in the event that we don't get the natural uplift coming from, if you like, we'll call it an intervention, we actually can call on additional equipment at the contractor's cost.

We feel very confident that we have numerous ways to get to where we need to be, Kaan.

Thank you, very, very detailed. I appreciate it.

Just one follow-up on the additional fleet that could be deployed at the contractor's cost. What's the trigger for that?

Why can't that be used currently? Mate,

I'll pass to Jason, cuz I'm sure you want to make a comment, but we have a very good relationship, and it is a partnership, you don't do those things lightly. It's important that we understand that those things can be done, and would be done if it needed to.

Jason?

Short answer for that, Kaan, is 3 months of underperformance below target in terms of total material moved. There are some other triggers in there as well, but that's the one that's relevant for this.

Yep.

Sure, thank you. I'll pass it on.

Appreciate it.

Thank you.

Thanks. Good day, Brendan, Megan, Jason.

Happy New Year, hope you're well. Really good summary on views on Black Butte and Motheo, it answered most of my questions.

Just not to labor on it, but just on the discharge grates at the SAG mill. Just out of interest, Jason, were they originally from an OEM producing in China, or are they from the traditional sort of German, Scandinavian production facilities?

Just try and understand the quality and whether it can happen again.

It was from an OEM so we sourced them through the OEMs. That foundry was outside of China.

We do make sure particularly at both of our sites that we don't cut corners in terms of quality on a lot of our key components. Short answer, the information that we received from the OEM was, however, it was a new foundry that they had been using.

They had not been using that foundry longer term, and they've given us the feedback as well that they've since stopped using that foundry.

Thanks, Jason. Then maybe switching to provisional pricing and hedging.

Maybe question for Megan. I know you hedge your QP tonnes that are outstanding, and hence we haven't seen the positive PP impact we've seen for say some of the larger copper producers globally.

I know you've provided historic QP hedging. Just curious around that, I presume that program's continuing and you're hedging forward sales for this quarter and next quarter?

I think, and I'll pass to Megan, but I think, in simple terms, Paul, the way you should think about it is, our team will sell a parcel of concentrate, and so that contained copper is priced, as at a specific quotational price, whether that be M+1 to M+5, depending on the specific customer, timing, and other circumstances. What we do is then we make sure that we use the forward curve to effectively lock that in, so that there is no risk of major working capital variations and so on.

It actually works very well for us, and it was particularly important when the company was in a position where it was carrying significantly more debt. Maybe I'll just pass to Megan to explain how it really plays that in practice, because the only differential, therefore, relates to the shape of the curve that and, of course, in recent times, been pretty flat.

Maybe to you, Megan?

Thanks, Paul. Brendan described it is perfectly well.

We need to continue with our QP hedging program. That's not forward sales.

It's only generally post the concentrate being loaded, and that's really just to protect on working capital volatility such that where the price we invoice that provisionally is not at risk through to settlement of the shipment. We will continue with that.

As Brendan touched on, what that price looks like will be very much dependent upon the shape of the curve and the coincident settlement month, M+1 or M+2 depending on how the contracts fall. In terms of the previous MATSA hedging program, which was in relation to forward sales, that was required under the previous MATSA debt facility.

On page 9, we do touch on that we completed that hedging program during the quarter. Our last parcel of copper forward sales was completed during the month, and that'll settle in January.

What that means is that for both MATSA and Motheo, we're effectively unhedged in terms of our forward sales. It's just the QP that we continue to execute really to protect on that working capital front, Paul.

Yep, thanks, Megan. That's great.

Just lastly, speaking to the one for Jason on the exploration, thanks for continuing to first of all provide that update on the spend and details of exploration. Jason, just on a question on MATSA and the exploration drive, which you're commencing in 3Q, just run through the program there on how long that's going to take to construct and then when the drilling would start post that?

Yep. We should finish that fairly close to the start of Q4, and then spend most of Q4 drilling out of that area.

We have noted in there we've been doing a lot of drilling particularly around Olivo, so that's a high priority for us in the short term. We have seen some slight extensions in there proving that up, because that gives us a lot of additional ore, particularly it derisks the plan a lot having Olivo available as soon as possible and opened up so we can use that for production in the short term.

Just gives you more faces, which we've talked a lot about.

Yep. Thanks, Jason.

That's a very short exploration drive. That's good.

I'll pass it on. Thanks.

It's less than 70 meters.

Thanks, Paul.

Hi, Brendan and team. Staying on exploration spend, actually, just you've increased the investment at Motheo, specifically to almost double the amount of drill meters there.

Can you just talk to what drill results you've seen to date, and exploration results you've seen, specifically around A1, that are sort of giving you confidence to spend that and accelerate that spend?

Look, very much in short, you can imagine we've got to be very careful selectively talking about drill results under the JORC Code. What I can tell you more broadly is that we obviously completed the prior A1 drilling program, and there's been a lot of work underway starting that to obviously put us in a position to declare a reserve towards the end of this year, this financial year.

What we had identified through that process is the prevalence of some high grade material in the hinge at depth. What we felt was we needed to go in and test that, and test not only for repetition, but continuity along strike.

We're seeing encouraging results is probably the best way to describe it, which is why we're putting more meters into the ground. The A1 story hasn't really changed.

I think I've said before that the main objective there is to try and identify a reserve that's somewhere in the order of, call it from the scale perspective, half a year to 1 year of throughput capacity. It provides the pathway to open up the north and hopefully provide a pathway then to access in the future additional satellite deposits that we're obviously actively exploring for.

Thank you. My second question, you called out the enactment of updated regulations in Botswana in October.

You've just given back some of the low priority drill targets, but then you said approvals are yet to be finalized. Can you just help me understand what those changes are and what approvals are outstanding at this point in time?

No change to what we've said before. You can imagine we've got a very large tenure holding that we've been bringing back into line with the revised, if you like, legislation.

We've done that proactively. We've done that through prioritizing obviously on the basis of what we see as prospectivity.

A large part of that's down in the Okwa area, which we've talked to you about before, which is not, call it, the traditional Kalahari Copper Belt. I think the way to think about it is when we say approvals, it's really ongoing renewals, which we have high degree of confidence in.

Yep. The reference to those approvals are effectively they're relinquishments, and those need to be processed and approved by the Mines Department in Botswana.

That's effectively it.

Appreciate the color, guys. I'll pass it on.

It's a process really on both sides of relinquishment and renewals. That's it.

I'd say the relationship that we enjoy with government is continuing to prove to be very strong.

Morning, Brendan and team. Or, yeah, morning over there.

Just first call we've had since your announcement of the binding term sheet with Havilah, and I understand that Havilah shareholders yet to approve the deal, but just while we're speaking, wondering if you could touch on the attributes which attracted you to the Kalkaroo project?

Look, I'm probably not going to say too much until we move through the process of their general meeting and the vote. Obviously, that's a key part of the CPs, and maybe it's worth noting for you that there's a really limited number of CPs.

Clearly, the first one is a simple majority vote in favor of the transaction at their general meeting. It's us gaining the necessary confidence that various titles will be transferable and approved, mainly at the government level, at the appropriate time, which really relates to the second-stage payment should we move forward with that, which obviously we're hoping we would.

Then the last one is really just signing of the definitive transaction agreements, which, as I said, are very well advanced now as you might expect. If we think more broadly, there's a range of reasons that Kalkaroo was clearly at the top of our list at least of opportunities that we wanted to pursue.

We like the team. This is a group of people that have been exploring in the Curnamona Province for decades.

They know the ground. They have, obviously, within that, done a lot of work around the Kalkaroo project itself, the opportunity that presents itself.

We had through dialogue with our people, I said earlier in my speech, the talented people engaged heavily. We've had people look at the core, build our own block models, formed a view on the geology, and formed a view of the opportunity.

I think before you even go there, there are very few 100-million-tonne reserves available today that have 0.83% copper equivalent grade, with a strip ratio that's significantly lower than Motheo, 0.5% contained copper, close to half a gram gold. That reserve, I might add, was based on prices substantially below where we are today, I think numbers around $9,600 a tonne copper and $2,900 an ounce gold.

Clearly the strike length of 3.5 km, our understanding of geology, we believe that when you look at the resource of closer to 250 million tonnes, there's obviously a lot of opportunity there. We do think, however, that the way that we've, if you like, worked with Havilah to create that staged payment structure that allows us, with success, to get, if you like, an 80% interest in the Kalkaroo project, is the right way to do these things for our shareholders.

It recognizes that the project is well advanced, but there are risks that we can work through in the pre-feasibility study phase. Of course, very much sort of ties in with the way I described a strategy which would look to bring in low-dollar-cost options for the portfolio.

Clearly, we're looking forward to their shareholders approving the transaction by way of a simple majority. I would expect, that being the case, we'll talk much more about it at the half year.

Irrespective, there's a lot of work to do. There's particularly a lot of work to do over the next 2 years.

You can imagine, given that stage-gate process, we will run the PFS in many aspects towards a FEED-type level, such that the big things that potentially can derail you, we have a very high degree of confidence in, so that we can then move through an accelerated process towards ultimate development, again with confidence. Clearly, we wouldn't be doing this if we didn't think it had the potential to deliver very, very significant net present value to our shareholders, but also at a very, very attractive internal rate of return.

Makes sense. Look forward to further updates once Havilah shareholders approve it hopefully.

Thank you.

Thanks very much. Good on you.

Go well.

Apologies, slipped my finger on the keyboard. Sorry about that.

All good. Thank you.

Fantastic. Look, I know it's a really busy day.

We keep doing it to you, a number of companies reporting, large and small. We wish you well.

Good luck with that. Your interest is always deeply appreciated.

As I mentioned, we think we're in a very strong position as an organization. The company has transformed dramatically over the last number of years.

We're very focused operationally. Our people are focused, as I mentioned, on the basics, and critically for us, that means delivering on our second half commitments.

We look forward to talking with you all about that more when we present our half year results, and obviously when we see many of you as we get out on the road. Good luck this year.

Stay safe, and we'll see you soon.