Lynas Rare Earths Limited

Good morning, and welcome to the Lynas Rare Earths Investor Briefing for the quarter ending 31 March 2026. Today's briefing will be presented by Amanda Lacaze, CEO and Managing Director.

Joining Amanda on the call today are Gaudenz Sturzenegger, CFO; Pol Le Roux, COO; Daniel Havas, VP Strategy and Investor Relations; Chris Jenney, VP, Sales and Market Development; and Sarah Leonard, General Counsel and Company Secretary. To Amanda to commence the briefing.

Please go ahead, Amanda.

Thank you, Jen, and thank you, everyone, for joining us again this morning. Jen tells me that we've had people registered to ask questions about a quarter 2 midday.

So on that basis, I will keep my comments to a minimum. So we have plenty of time to deal with the question.

But just sort of a few general comments, I often say that we've had a very busy quarter and guess what, which has had a really busy quarter, actually maybe busier than most. We were very pleased with our progress during the March quarter.

When we put in place a number of initiatives which will provide foundations for the future success of the business and improved resilience and also ran an operationally a good business in the meantime in terms of continuing to be the only non-Chinese producer at scale of both NdPr of lights and heavies. So during the quarter, I mean, I think most people have observed that the price of NdPr has progressively firmed over the year.

We certainly saw the benefits of that, and we recorded one of our top 3 of our quarters in terms of revenue. And it does appear that the market settings remain positive for the fourth quarter of this financial year.

And in interest sort of looked back on the very first quarterly that I ever delivered and this puts into stark contrast, the difference between maybe businesses at the start of the journey in rare earth and where they may be some years later. The first quarterly that I was -- again delivered was 445 tonnes NdPr.

Well, we delivered 2,000 tonnes this quarter. $31 million in revenue versus $265 million in revenue this quarter.

So it's I think, a reminder of just sort of the various steps that we have taken over that period of time to consolidate our position as a global leader outside China. Well, our production is not quite at our 10,500 tonnes per year run rate, but it is moving towards it.

During the quarter, we have continued to ramp up the final part of the Mt Weld expansion. And I am delighted to say that we have that ramp-up so far is at or above a McNulty 1 ramp-up curve.

And I think that's the first in rare earth. But even with that, there are still some challenges as we bought that facility online, ensuring that like in the early stages, con grade was lower than it had been in a nice mature little old plant.

And so the team has been working on that, and they've lifted that up, but that did give us a few challenges downstream. And we've had a few logistics challenges, but I'm sure that many of you on this call who have listened to any sort of results call would recognize that logistics has its own set of challenges at present.

Heavy rare earth production, that's really the performance during this quarter just reflects the batch processing nature of our heavies at this stage. And for those of you who've been up to the lab, you will have seen that the -- we're packaging this in 25-kilo drums and you will have seen the small furnace that we use.

And so we accumulate material. We run it through on a batch process.

And so therefore, there's a bit more lumpiness in our production outcomes. However, suffice to say that within sort of our sales process, with respect to the heavies, we are having a great deal of success in being able to place us carefully and leverage full benefit from those sales.

Of course, our sales outcome, the total revenue was very pleasing. I've seen some comments already on the sort of the price per kilo.

And of course, we aim to make that clear within the report that, that reflected primarily product mix with some higher sales of lower-value La and Ce during the time. And the comparison on the NdPr is, of course, that we sell our NdPr on contracts.

And with many of those, there's about a 1-month lag until we see sort of the price flow through into our revenue due to the nature of the contract. Costs remain tightly controlled, and notwithstanding we have indicated in this that we would expect that there may be some further influences from the conflict in the Middle East.

This could sort of will likely reflect those materials, which are sort of directly affected by oil and gas, but also just looking at things like, for example, the Fair Work determination last night on ensuring that transport providers are able to recover costs, increased cost from fuel as a consequence of the Middle East conflict. However, I would point to you something of which we are enormously proud and that is, as we have moved to our hybrid renewable power station at Mt Weld that our diesel use now is on -- is virtually only in the mining fleet at the Mt Weld side.

And the renewable power station is actually delivering significantly more than design where we're expecting renewables to be delivering around about 70% about our power requirement and the average renewable content was 95.7%. That is 870,000 liters of diesel saved just during the March quarter.

So this does put us in a much better position as we're looking at sort of the various global effects at present. It's a pretty exciting quarter in terms of putting together a number of the long-term building blocks for our company.

The JARE offtake agreement, which was announced on the 10th of March is really significant. And I think everybody has read that in some detail by now, but firm offtake with a small price is really important to us, an upside sharing arrangement, which is, we believe, relatively modest, although beneficial to both parties and we are sort of seeing this is really a really solid base for the business as it moves forward.

Followed that up with an MoU on merging alongside our Japanese partners on further resource development, either at Mt Weld or other resources, and this is our work with JARE and JOGMEC on resource development has proven to be very constructive for our company over time, and we look forward to pursuing that further. And in addition, we announced the U.S.

letter of intent -- binding letter of intent with the U.S. government, which sees the funding, which was previously allocated to Seadrift being reallocated to the purchase of rare products from our existing and planned facilities.

And then, of course, as we have indicated previously, we are focused on developing strong and constructive partnerships with respect to metal and magnet making our key announcements there during the quarter as both related to Korean firms who we see as being potentially extremely good partners technically and also in terms of efficiency and economic outcomes. So LS Cable for metal making at their Vietnam plant and continued work to move to definitive agreements with JS Link for the new Magnet facility in Malaysia.

So all in all, as I said, a very busy quarter where we focused on running a good business, continuing to take full advantage of the fact that we are the only ones who can take full advantage of the positive market at present. But at the same time, ensuring that we're setting ourselves up for success including with the sort of agreements, the agreements with both Japan and the U.S.

the development of new capability and also within our sales group. So within our sales team, ensuring that we're setting up a customer portfolio, which will serve us well in the future and ensure that we leverage full benefit from our bundled sales.

And of course, the final and really significant point also which sort of underpins the ongoing success of the business is the new license, which was renewed in Malaysia. Our operating license was renewed for 10 years from the third of March.

We have been advocating for some time for an extended license rather than the 3-year license period on which we have operated to date. That requires a change to the AELA, the Atomic Energy Licensing Act in Malaysia, which was affected late last year and was then under that -- those varied conditions is the issuance of this 10-year license.

It certainly, we're very pleased with that. We remain strongly committed to Malaysia, which has proven notwithstanding few twists and turns to be a very productive environment in which Lynas has operated.

So having got to there. I'm really happy to take any questions now.

And I think, Jen, are you the one sorting those out?

No. Maggie is going to open up for questions now.

Back to you, Maggie, then.

Amanda and team, thank you for the call. Appreciate it.

Look, my one question would be around Kalgoorlie. If you can please provide a bit of an update in terms of power reliability there.

Is that fully remediated now at Kal? And are there any risks into the fourth quarter as we step into that just in terms of MREC availability?

Thanks, Rahul. So since the really very serious situation towards the end of last year, we did engage very effectively, I believe, with Western Power and a couple of issues as it turned out, we're probably affecting power availability in a way that they didn't need to.

And so we have had relatively stable power within the ELPS sort of framework through this quarter. It has not had the same effect on operational availability, uptime that we had seen, particularly in the previous quarter.

I'm loathed to make a forecast on power in Kalgoorlie because as we have indicated previously, in Kalgoorlie, there is both a problem that she sort of the power available and also with some elements of the distribution network when everything's going well, this is not an issue, but I wouldn't want to be forecasting that everything will remain operating perfectly. I mean, I think everyone will remember the power being taken out by the lightning strikes on the transmission line -- transmission towers.

So we continue to work on sort of alternatives. We have not taken the step of putting in place a diesel power station, because as I noted in my comments, we're pretty proud to make some significant savings on diesel at Mt Weld.

However, even on the stated plan with respect to the network, we would see that the lead times to really making a significant change in power availability in Kalgoorlie as such that it is prudent for us to consider alternate solutions. But right now, we are not forecasting a problem in this quarter, touch wood, but I'm loathe to make any sort of definitive assertions on that basis.

Okay, I understand. So I guess, tactically, it's quite hard to make a call on availability.

But given that needs to be in your plans in terms of having reliable power going forward. Is there any time frame whereby you want to decide that and then flag that to the market so that there's clear visibility in terms of when you're planning to build a power plant?

No, I don't want to make any further comment on it at this stage.

Amanda, good progress for the quarter as you stated in Mt Weld's ramping up and tracking well. And I saw you're on top of the improved removal at Kalgoorlie which is fantastic as well.

But just a question on potential shortage of chemicals in particular, sulfuric acid. Can you talk through your security of supply and maybe some of the cost sensitivities.

And I'm noting I think you use somewhere between 1 to 2 tons of acid for every tonne of concentrate cracked and leached?

Yes. Good question, Paul, and one which has our team highly exercised at present.

Which, I'm sure, is the same came with most supply chain teams across the industry. So if I start first with Australia.

We source -- we do not have an issue with supply in Australia at present, and we have some options for access locally, which we think is going to ensure that we're in a good position at least through to the end of the year. So the issue becomes more of an issue in Malaysia, not in Australia.

And last week, I did get a few sort of inquiries when the Chinese put out an announcement that they would not be exporting acid. Well, we don't source any of our acids from China, so that's okay.

The market is tight, but we're pretty confident about our ability to get the volume. So the effect will be a price effect and I think as everybody knows, that's a day-to-day event.

And so we're managing that, but we would expect that sulfuric alongside some of the other sort of transport cost increases, et cetera, will make it a little more challenging for us in terms of costs in the fourth quarter, but we are all over it at present. And once again, sort of loathed to give you a forecast because as I think everyone knows, it is changing on a daily basis, but we would expect there will be some cost impacts in the fourth quarter.

My question is around the MoU you have with JARE. I'm just wondering, how should we think about the timing of the mineral exploration around this MOU?

And I'm also wondering, you didn't mention in the release, if there any update on the MoU around with Noveon Magnetics?

Neal, welcome to the call. The MoU with respect to the development and the cooperation on other resource development, I would expect that we will be in a position to provide an update on that sometime during this quarter, notwithstanding that sort of definitive agreements are not going to be a bottleneck on that.

I mean we have a long trusted relationship and we find, particularly in terms of resource development, geology, metallurgy that we have higher complementary skills. So yes, we think that we will be able to give you a little more on that in the coming quarter.

And I'm sorry, the line branch has got cut here, I missed what was your second part of the question?

Just any update on the Noveon Magnetics MOU if there's anything going on there?

Look, our teams are engaged there, Noveon did a further -- I think during the quarter or maybe late last quarter, did a further capital raise themselves and have a particular they're sort of completing their own internal business planning. To my understanding, we continue to work with them and particularly on offtake agreements to ensure that we are supplying relative material for some of the sort of highest priority customers.

But I'll invite Chris Jenney who's on the call to add anything if there's anything there.

No, nothing to add, Amanda, Yes. So obviously, there's lots of moving parts in the U.S.

market. So we're just working very closely with the team at Noveon to work out the best offtake arrangements to meet their needs and obviously, to meet our needs.

So we'll just give you updates as we progress through that.

I hope this is not the last time we speak to you on the results analyst call. First question just on this quarter's NdPr production.

If I do the run rate or annualize this quarter's NdPr, it gives me roughly 8,000 tonnes of NdPr or roughly 22 metric tonnes per day of NdPr. That is likely to be 75% of your current NdPr annual capacity of 10.5.

So I'm just wondering, I think previously, you mentioned a run rate of like 25 metric tonnes a day of NdPr. I'm just wondering what's the best way to think of your production versus capacity is 75% utilization rate we should apply or it should be higher.

I guess the question harder. I'm just trying to get what kind of production going forward versus your current capacity of 10.5.

Thanks, Chen. And I think as with all of these elements, as we've always indicated, the bottleneck tends to move around.

We're a bit different from many mining companies. We have capacity at Mt Weld, at Kalgoorlie and then also at the LAMPS facility and each can be at a different stage.

You're right. The annualized run rate at present is about 8,000 tonnes per annum.

It would be our intention that, that is, again, in the coming financial year and the dependencies for that are partly the continued ramp-up bear in mind that we're only today, 6 months into the ramp-up of a big facility at Mt Weld. And so we're -- as I indicated, we didn't have an issue with the volume of material, but the con grade dropped a bit, which absolutely has an effect on downstream production.

But I think that certainly, our objective would be to be moving up beyond the 25 tonnes per day. But maybe we're still sort of another year into consistent ramp-up right across the system to deliver that 10,500 tonnes.

Pol, did you want to add anything to that?

Yes. Can you hear me?

Yes.

Okay. Good.

Yes, it's a good approach to address the nameplate capacity as tonnes per day. So we are way higher than what you can see in our numbers in terms of downstream daily capacity.

And then you have two factors to take into account. One is a normal operation, you always face problems from time to time.

So you have what we call OE, overall equipment efficiency, which is reflective of any failure you can have on equipment. So that's an 80% to 90% normal ratio.

And then you have specific, as Amanda said, specific challenges for us is to adjust align the ramp-up of Mt Weld, Kalgoorlie and all the processes here in LAMPS. So -- but we're moving forward, it's in close to having an easier to forecast volume for easier to forecast.

So the short answer, I mean, 25 tonnes a day will be the next sort of stop on the bus route, and then we will keep on moving from there.

Right. So you are still ramping up.

Okay.

We are still ramping up.

Yes. Got it.

Can we have another follow-up of your price realization? So by looking at the China NdPr benchmark, quarter-over-quarter, it's a significant increase, almost 40% from USD 68 kilogram average in December quarter to USD 94 per kilogram in March quarter, excluding that, of course.

But Lynas NdPr selling price is only up 25% quarter-over-quarter. So I'm wondering why -- or what I'm missing, why Lynas NdPr selling price is not increasing to the same scale to the index pricing in the March quarter?

I understand some of your volumes are independent, but the price flow are still higher than index pricing. Is there any lagging or what I'm missing?

Yes, yes. So I did actually try to explain that, Chen.

We have our largest customers are on contracts, which referred to the prior month's pricing. So -- and I think we've tried to explain this previously.

So on the way up, it lags, but on the way back down, it also lags. So generally about sort of a month lag by virtue of the fact that we are not selling into the spot market, and that's not ever our intention.

Just a follow-up on price basically or revenue. Can you help us in some way with the mix?

I mean, you've highlighted quite clearly you did have a lower sales mix of high-value products. Just wondering if in any way you could give us a feel for how big the NdPr inventory build in the period was?

And did you sell any Dy Tb and was there any marketing motivation behind the sales mix at all?

Okay. So no, we didn't build significant inventory the sort of final numbers on sales often depend upon how many ships sale in the last week of the month.

So if they didn't go at the end of the month, they've gone in the first week of April, say, for example. So no significant inventory build.

Yes, more sales of La and Ce. And given that they are high volume, low price, they can -- they have an effect on that average selling price of limited sales of the heavies.

And we are using our heavies very strategically. We -- we've talked about this previously, but we seek at all times to be in the business of long-term relationships with our customers.

We don't sell into the spot market. We also don't sell our heavies just because somebody wants to buy a few heavies from us but don't have a broader relationship with us.

So we bundle our heavies with other material and so our heavies sales and inventory management is managed in such a way that we can serve our customers say, for example, in the magnet market with sort of a magnet ratio of NdPr to Dy, Tb, something like 30:1. So the heavies are used strategically.

And I think as we've talked previously, yes, they deliver margin in their own right, but it still remains that the Lynas cake is in the NdPr and the icing is the heavies. And so we continue to work on that basis.

Most of my questions have been answered already. So I'm going to go somewhere where I'm not sure how you'll answer it.

But clearly, there's been some M&A in the rare earth sector overnight, Amanda. And I'm certainly not expecting you guys to provide any comment on what your M&A strategy is.

But when could we expect some further detail around plans for your Malaysian clay assets or your joint venture?

So we are working through the definitive documents on the magnet factory with JS Link and hopefully, we'll be able to provide sort of additional information on that relatively soon. I mean with all of these things, it's always the case that we actually have to -- we can only control our position.

I mean, negotiation is a negotiation. However, we are comfortable that project is proceeding, that material relevant equipment is being ordered, particularly the long lead time equipment and we're feeling very, very confident about that.

With respect to the ionic clay assets, I think that as we work through right back at the beginning when we were talking about the JARE MoU, we will provide a bit more information on some of that resource work we're doing over the next couple of quarters, I would expect. And yes, there's lots of happy investment bankers in the world these days, aren't there?

Lots of deals to be done sort of big numbers. I just would highlight the fact that we are the only ones bringing 2,000 tonnes of NdPr and Dy and Tb and now samarium to the market every quarter.

And so we will continue to focus on ensuring that we have a strong position in the rare earths market.

Can I ask a cheeky very quick second question, Amanda. And again, feel free not to answer it.

But do you see increasing competitive tension given, obviously, the strategic importance being played from assets, especially those with enriched heavy content. Do you see evidence of that and in all of the conversations, I assume you have?

I think that we have a very -- we know the various projects well, and we have a clear understanding of the potential and I think I might leave it at that.

That's more than I was expecting. Thanks, Amanda.

Appreciate it.

Just one more question on Kalgoorlie. Great to see that you finished the ramp-up of the recent process improvement I'm just keen to understand, do you have any other process improvement plan for the Kalgoorlie facility in this calendar year?

And also given the tightness in the chemicals, would you actually pace the ramp-up of Kalgoorlie, given the sulfuric acid and other things, the price is going up. I understand there's no supply challenges at the moment.

Thanks, Austin. Look, the answer to the first part of your question is we are always improving the process at every facility, right?

So we are not done with process improvements at Kalgoorlie, not by a long shot. What we are flagging there is that we've done a couple of sort of major improvements in terms of process flow, some of the actual flow sheet that we've executed and that really has allowed us to step up.

We look on a weekly basis, I look at it, sort of what Pol was talking to, which is the operational availability, which is really the reliability question and then also looking at quality and are we producing the quality, which is going to be able to be processed at the land cost effectively. And as we indicated, sort of early on, we had some issues associated with that, which is perfectly reasonable and to be expected and we have addressed those issues.

But we are never going to stop looking for ways to continue to improve both the process and the reliability of that process. We are still assessing what are the implications of some of the price effects from the Middle East conflict.

We don't think that sulfuric acid is going to be the pain point in Kalgoorlie. But I'm sure many of you would have noted the determination from the Fair Work Commission last night, which indicated that we need to be working with our suppliers on a fortnightly basis to ensure that costs are being appropriately recovered.

But at this stage, we are not seeing that this would lead us to make a decision to dial back the Kalgoorlie facility. We continue to work to actually ramp that up in terms of reliability and delivering to forecast.

Yes. My one question, just as previously mentioned, an acquisition of Serra Verde overnight announced.

Now there's reporting that there's some offtake of Dy and Tb floor prices $575 per kilo and just over $2,000 per kilo. This looks like it's about 2 to 3x spot.

How do you view this floor pricing from Lynas' perspective maybe from what you're getting yourself?

There is a reason why we have not specifically disclosed either our floor prices or our achieved prices in this market. We actually think that this is an important part of our -- we think these are appropriate and commercial and confidence.

The numbers need a surprise nor impress.

Most of my questions have been asked, but just one on what's to come on the downstream, which I think is pretty exciting. How do you think about metallization again through everything else you're doing with JS Link and then the Vietnam announcement earlier this quarter?

Like is the plan to continue metallization in Vietnam or -- and build on that? Or how?

Maybe you could expand a little bit on what that could look like?

Yes. Dim, nice to talk to you.

And actually Chen, yes, this may be my last quarterly report. So hopefully, we will all talk to each other at some time before a shuffle off this Lynas coil.

But Dim, yes, I think we've indicated this previously that we think that metal is a somewhat unloved part of the value chain, but a crucial part of the value chain. And so we are delighted that LS Cable, which is one of the largest cable sort of manufacturers in the world still many metal processes in the world has chosen to enter the rare market.

This reflects sort of encouragement, particularly from the Korean government to improve resilience in Korea, whereas we know the key industries, automotive and electronics, both rely on rare earth and rare earth magnets. The LS Cable facility into which this plant will be integrated is in Vietnam.

And so we see that as being very positive in Vietnam. It is a cost environment which is constructive for the production of metals.

And there is some sort of domestically developed capability there as well. But I think that we really see LS Cable as an outstanding partner for further development of metal making and we see that Vietnam is really sort of a critical step in the supply chain, not just with LS Cable, but with our current metal maker as well.

Just my question was what was the motivation for having the MoU with JARE for exploration? I noticed that in your announcement, you even talked about exploration and development of Mt Weld.

And I was wondering in what way would you want the Japanese actually involved in your sort of key mining asset.

Just so you may recall -- maybe you weren't [indiscernible]. But you may recall that actually in some of the work that we've done on the carbonate, we have had access to some really some additional and highly skilled resources from JOGMEC in terms of particularly geology and metallurgy.

And they work with us to both fund some of the cost of the Mt Weld carbonatite program, but also had on-site working with our team, some really experts in these areas. We have found this to be very helpful for our business.

Accessing that additional expertise, and we have an extremely productive relationship with JARE and JOGMEC and are happy to extend that into additional project work.

All right. Okay.

So -- okay. So it's the expertise that they offer.

And if I could just sneak one extra one in. I just wanted to know samarium, this seems that you've had a big priority on developing that at the moment.

Is that really about price? Or is it a strategic rare earth that would allow you to sort of get involved with the U.S.

and because this isn't something that nobody else produces. So is it really about strategy?

Or is it about the price of samarium?

So samarium is an excellent case study of the dysfunction that has existed in the rare earth market, we probably kind of produced samarium earlier than we have done. We were certainly not motivated to produce samarium earlier because the price has been sitting at basically a couple of dollars a kilo.

So like with lanthanum and cerium, where we sort of produce those say, selectively. I mean, at a couple of dollars a kilo, it didn't make sense financially for us to produce that material.

As certain customers of some of these materials have understood all of the things that everyone wanted to talk about over the last 2 or 3 years around supply chain, reliability, et cetera. They have actually indicated that, well, yes, they will be prepared to pay a price, which is a reasonable price that gives us a reasonable return or, in fact, a good return on our efforts.

And so therefore, producing samarium to spec and in the volumes that the market requires, bearing in mind that we are not talking with any of these heavies about sort of the same sort of volumes as we get for our lights. But notwithstanding that, we now are in a position where it is commercially sensible for us to produce samarium.

So therefore, we are producing samarium.

Maggie, if we run out of questions, we should come into the queue.

Just a quick follow-up. Really good news that you provide 2 offtake agreements updated during this quarter.

I'm just keen to understand, given a large portion of your production is not covering those, is there any intention or interest to further expand your offtake portfolio both from a production perspective also from your geolocation customer perspective, conscious that you have Japan and covered U.S. coverage, but there's a big chunk of the world that's not covered yet.

Yes. Good question, Austin.

I think that -- I think the best way to respond is that the sales team has a very clear plan on ensuring that over time, we sell our material. We continue to sell it on a contract basis.

We don't engage in the spot market. but we ensure that we have a customer portfolio that ensures that we are capturing the highest value, highest margin customers.

The government contracts are beneficial in terms of setting -- and the focus on customers and concluding customer-based agreements, remains the #1 priority for our business. It is way more important than any other mechanism that we might have, because we're just like every other business, you don't exist without customers.

The agreement with government, right? I really about sending a message with respect to market dynamics, I think everyone has that there is -- this market has been dysfunctional for some time.

And I think that the government agreement helped to address that. And in a manner, we have advocated that these, if we have consistent amplification across those various agreements, that no government should ever actually have to write a check because the price naturally will move to that level.

And we have seen some evidence of that. So the sales team's focus absolutely is on customers.

We have excellent long-term agreements with a number of both magnet makers and magnet buyers, and we will remain focused on doing that with the government agreements essentially helping to address market dynamics.

I'll take my last chance, Amanda. So Amanda, as the CEO for Lynas over the last decade, and now we have 2.5 months left until the end of the current financial year.

You are going to your next chapter of your life. I'm just wondering in your view, what can the CEO quality can lead Lynas to the next level of success, which is Lynas 2030 growth story, amid the backdrop of increasing geopolitical risk, supply chain development trying to decouple from China will remain dependent on China and Lynas rounding fully integrated rare mine oxide operations in Australia and Malaysia and your view what the Board is looking for and in your view?

Okay. So I can tell you my view, I can't speak on behalf of the Board now.

And I would encourage you to speak to the Chairman to get that. I mean -- and my view is only sort of a view because much as I would love and for those of you who have known me for 12 years, would know that I actually love being the final decision, in this case.

I will not be the final decision maker. I wish that I was though.

I wish I could say to you, this is the sort of person that we would like to see, and this is who it is. But ultimately, it will not be my decision.

However, my experience of operating in Lynas is that we are -- the profile of the person to run an organization like Lynas with it stakeholder complexity process and processing complexity is maybe a little different from many of our other Australian enterprises. Certainly needs -- we operate with more risk in our environment than many Australian businesses who sort of run their operations and sell their materials inside Australia, we operate with sort of real global risk.

And of course, I've been quite vocal previously about the fact that I would be delighted to see another woman appointed to this role. I think that we have made great strides in the mining industry in terms of bringing more women into the industry, but we are yet to get to the sort of many mining companies have targets of 30% or 40% women within their workforces, but we are yet to see that within the CEO ranks.

And I would be very sad if my departure was the departure of present, the only woman other than Mrs. Reinhart as the owner, who is running a mining minerals company in Australia.

So those are some of the things that I think are important. But we are a complex business and we are subject to sort of external factors that don't necessarily affect all Australian businesses, and I think that needs to be taken into account as the Board sort of proceeds with the appointment of my successor.

And I watch it kindly because I've spent 12 years of my life on this, and I hate it to fall in a screaming heap. But on the other hand, I also recognized that I can't actually control what happens after I leave.

So it's been great. I have loved every day in my job, and I still do, but it is time for the transition.

And I trust that our Chairman will ensure that an excellent appointment is made.

Okay. Well, thank you very much, and I do look forward to you.

It's not quite the end of the road yet. As Chen said it's another 2.5 months.

I expect that I will have a chance during that time to touch base with most of you on this call, and I look forward to doing so. So thank you very much and talk to you all soon.

Bye.