29Metals Limited (29M) Earnings Call Transcript & Summary

Okay. Well, thank you very much. Good morning, ladies and gentlemen. My name is Owen Hegarty. I'm a Non-Executive Director of 29Metals and Chair of the Board of Directors. On behalf of my fellow directors, I'm delighted to welcome you here to the Annual General Meeting. Thank you very much for showing up. Thank you for your support, and thank you for your interest. Today's AGM is being conducted as a hybrid meeting designed to maximize the opportunity for our shareholders to participate. I will ask our company secretary in a moment to take us through some of the logistics for the shareholders participating online. Before we begin, I'd like to acknowledge the First Nations peoples, the traditional custodians of the land on which we work throughout Australia. We pay our respects to their elders, past and present. We recognize that connections to land, water and community, and their rich contribution to society. We specifically acknowledge the Boonwurrung people from this area. The Badimaya people and the Yamatji nation and Widi mob for Golden Grove and the Kalkadoon people at Capricorn Copper. At 29Metals, safety is our highest priority. And for those joining us here in Melbourne, if there's an emergency, the hotel will sound an alarm. Please stay seated unless we are directed via a PA announcement to evacuate. The nearest exits for this room are the doors to the side of the room where you entered. The nearest fire exit for the building on the doors located on the left side of the room as you exit the room. And follow the exit signs, please follow instructions, always a good idea. If we are asked to evacuate, please follow the hotel's evacuation response team's staff and make your way to the Esanda Building on Spring Street, which is the nominated muster point. For those joining online, in the event of an evacuation, this AGM will be immediately adjourned. Please monitor the ASX announcements platform and our website where updates will be provided regarding the scheduling of the recommencement of the AGM. Joining me at the front of the room today is James Palmer, 29Metals' CEO; our Board, Fiona Robertson, Jacqui McGill, Martin Alciaturi, Tamara Brown and Cray O'Connor; and our Company Secretary, Cliff Tuck. Also in attendance are our Chief Financial Officer, Peter Herbert; and Chief Operating Officer, Ed Cooney. Fiona Drummond and Sarang Halai from the company's independent external auditor, Ernst & Young, are also present in Melbourne, with lovely smiling faces here on the screen as well. I'm advised that there's a quorum present, and therefore, I declare the meeting open. The agenda for today, we will commence with a brief outline of the voting and other procedures for the meeting. After that, I'll address the meeting before inviting James to speak. After James' address, we will move on to formal business where there will be an opportunity for shareholders to ask questions at each item. Representatives of our external auditor, Ernst & Young, are available to respond to questions regarding the conduct of the audit of 29Metals' financial statements and the auditor's opinion. Following completion of the formal business, and as time permits, there will be an opportunity for shareholders to ask general questions regarding the company. The details of the formal items of business are set out in the Notice of Meeting for this AGM, which was released to the ASX announcements platform and sent to shareholders on the 19th of April, and is taken as read. Copies of James and my addresses have been released to the ASX announcements platform earlier today and are available on our website. Following completion of the AGM, for those who are able to be with us here in person, please join the Board and management team for refreshments. I will now ask Cliff to explain the procedures for today's AGM.

Thank you, Owen. As Owen mentioned, today's AGM is a hybrid meeting whereby 29Metals' shareholders are participating by attending in person or via the online platform. Shareholders and proxy holders joining via the online platform or the AGM telephone line and in person may ask questions, whether written or verbal, at the meeting and submit their votes. I'll explain this in more detail shortly. For those joining the meeting via the online platform and telephone line, if you experience any technical difficulties during the AGM, please dial the number shown on the screen now for assistance. This number is also provided on the dedicated AGM page on 29Metals' website and in the online meeting guide. Voting on each of the resolutions at this AGM will be conducted by a poll, with the results of the poll to be released to the ASX and made available on our website as soon as possible after the meeting. As we move through each of the resolutions today, valid proxies received for and against each resolution will be displayed on your screen for those participating online and on the large screen at the front of the room for those here today. The proxy figures shown are as at the closing time for receipt of proxies, which was 10:30 a.m. Melbourne on the 19th of May 2024. The Chair will vote all directed proxies in accordance with the directions provided by shareholders. As set out in the Notice of Meeting, the Chair will vote all open proxies in favor of all resolutions. This includes proxy votes held by the Chair, which will be voted in favor of resolutions 1 to 3, being the remuneration-related resolutions, unless specifically directed otherwise in the proxy. In order to provide shareholders with enough time to vote, the Chair will shortly open voting for all resolutions, at which time voting on each of the resolutions will commence. For shareholders and proxy holders joining online, you may enter your votes for each resolution by selecting the Get a Voting Card icon at the bottom of your screen at any time after the Chair opens voting until the time that the Chair declares voting to have closed. Shareholders and proxy holders joining online are also able to edit votes up until the Chair closes voting, but please ensure that you click submit to ensure that your votes are counted before disconnecting from the AGM page. For those joining in person, you will have received an attendance card at registration outside the room. Attendees entitled to vote at this AGM will have received a yellow attendance card. Your voting instructions should be completed on the back of that yellow card. Please complete your voting instructions as these will be collected at the end of the AGM when requested by the Chair. If you need any assistance with your card, please see the registration desk staff located at the entry to this room. There will be an opportunity for all shareholders to ask questions relating to each item of formal business and, if time permits, more general questions regarding the company. In order to maximize the opportunity for all shareholders who participate in the meeting today, questions will generally be addressed in the following order: written questions submitted by shareholders prior to the meeting and those participating online will be addressed first, these will be followed by questions submitted by shareholders via the telephone or the online platform; and then lastly, questions from shareholders here in the room. For those attending in person, when invited by the Chair of the meeting, please raise your yellow or blue attendance card to ask a question. A roaming microphone will make its way to you so that those joining online also have the benefit of hearing your question. Once you've finished asking your question, please hand the microphone back to staff. Those joining online may submit written questions at any stage during the AGM by selecting the Ask a Question icon at the bottom of your screen. If you have a question already prepared, we encourage you to submit that question now so that as many questions as possible may be answered as we work through the meeting. We will address questions at the relevant time during the meeting. Please note that questions may be moderated and, if multiple questions are received on the same or a similar topic, they may be combined for efficiency. For shareholders participating online, who wish to ask a question verbally, you will need your unique PIN provided by our share registry. This can be obtained using the telephone numbers shown on screen. [Operator Instructions] A reminder to all shareholders speaking at the meeting or via the telephone line, this AGM and the webcast is being recorded, and a copy of the AGM webcast will be made available on the company's website shortly following the meeting. Thank you. Owen?

Thank you, Cliff. Before I commence my formal address, I'll refer you to the important information on Slide 2 of the presentation regarding the use of forward-looking statements, non-IFRS financial information and mineral resources and ore reserves estimates. On any view, the 12 months since we last met have been the most challenging in 29Metals' short life as a listed company. We had the extreme weather event at Capricorn Copper in early '23, following which, the team has worked tirelessly implementing our recovery plan to return Capricorn to full production. However, further rainfall following successive tropical cyclone in the region at the start of this year saw water levels on site increase, and the decision was taken to suspend operations. Although a difficult decision, it provides us with the opportunity to reset and return Capricorn Copper to operations safely and sustainably, and realize the enormous potential we have at this multiple orebody site within the highly prospective prolific Mount Isa Inlier. Performance at Golden Grove in Western Australia was also suboptimal in 2023. Other than copper, we were down on metal production and up on costs. We had lingering supply chain issues, labor availability issues, along with general industry inflation. As acknowledged earlier, '23 was a most challenging year, and that is reflected in the operating and financial results reported for 2023, dominated as they were by the impact of the events at Capricorn and the less-than-strong performance at Golden Grove. I should point out just very quickly in respect of the slide, very good safety performance, and we'll talk about that a little bit more later. So that was a terrific performance, nothing more important than the safety of our people to ensure not only a safe and healthy site but a very competitive workforce. Then the production, production coming up in the second half of '23, particularly at GG and, of course, the financial results reflecting those impacts. We don't need to see any more of that. Thank you very much. They are not indeed the full story for 2023. During '23, significant milestones were achieved. The team delivered a number of important results, of which will become evident in many cases as we move through 2024 and beyond. Notable highlights included, first and foremost, safety. I've mentioned it. Despite challenging circumstances, the team delivered strong progress on our management of critical risks and a significant improvement in lagging safety indicators. And as I said, nothing more important than safety. A safe site is an efficient site, and it's a highly productive site, and it provides a terrific culture. And in this difficult environment, protecting people is such an important competitive advantage to have. Completion of important operational derisking projects to both debottleneck activity at Xantho Extended, the group's highest-grade orebody. And James will talk to that. Submission of the regulatory approval documents for the long-term tailings capacity at Golden Grove, terribly important to get that done. Then you've got effectively life of mine tailings capacity approvals. Successfully identifying and implementing sustainable cost reductions at Golden Grove, a result we intend to build upon this year, so more of that to come. Strengthening of the balance sheet, successful capital raise. And we thank all of our shareholders for a great effort in September last year, $151 million of capital was raised. And the execution just recently of the term sheet with Glencore for the offtake finance facility. That's post the end of 2023. And we certainly had the insurance receipts as well. So good strengthening there of the balance sheet. We had continued success with the drill bit with the discovery of a new mineralized zone east of Mammoth at Capricorn. Very, very excellent results there and, as you would expect, being followed up with enthusiasm. And mineral resources and ore reserves conversion and replacement. This includes year-on-year measured and indicated resource tonnes increasing by 30% at ESS at Capricorn and by 45% at Cervantes in Golden Grove. So we will continue to do that. Above all, 2023 demonstrated what we've described as the power of collaboration and the extraordinary resilience of our team to drive forward despite those challenges. The achievements of '23 and the commitment of the team provide a terrific foundation for our future success. '24 has already been a year of change. Change, while difficult, is necessary as a result of the performance in '23 and the changes in our business profile in the near term. The first of those was the decision to implement a CEO transition. Our former Managing Director and CEO, Peter Albert, who successfully led 29Metals through its establishment, IPO and listing, and the time since, and has retired with the Board's thanks and best wishes. And Peter is here today. Our new Chief Executive Officer, James, who will present to the meeting shortly, will lead 29Metals into the next chapter. James brings a wealth of operating, technical and business improvement experience. Operationally, we need to do better, deliver results and rebuild trust. With James' fresh perspective, energy and operating leadership experience, the Board is confident 29Metals is well positioned to build upon our strong foundation and deliver. We are also reviewing our approach to remuneration to ensure that the way we reward our team strikes the right balance between attracting talent and rewarding effort against business results and shareholder value. We believe the settings in our remuneration framework are robust, with discretion sitting with the Board to moderate remuneration outcomes as we did in 2023 with the vast majority of incentives delivered in the form of deferred equity. 2024 will also see an ongoing focus to improve the cost base of the business. And I mentioned that for '23, so we continue along with that, reflecting our near-term profile, with operations suspended at Capricorn and improving production and efficiency at Golden Grove. Your best friend in getting your cost base down is getting your volumes up, and we are doing that. What will not change is 29Metals' investment thesis on our vision. 29Metals was founded upon a simple vision: to be a leading copper-focused company, offering investors exposure to attractive market dynamics for copper and other metals, critical to the global energy transition. Central to realizing that vision is our assets and our people. 29Metals' assets provide our investors with exposure to an enviable mineral inventory of high-grade copper, zinc and other critical minerals and precious metals, and a substantial pipeline of organic growth opportunities to grow our production and extend mine life. So we are blessed with those assets and terrific upside. The start of '24 has demonstrated what everyone knows, there is a bright future for companies that produce the right metals. Copper has been and remains a core focus for 29Metals, and we are starting to see the longer-term supply constraint forecast reflected in current pricing. On the left-hand side, you've got the demand going up and you've got the supply coming down. They are the right things to be in. Strong demand challenges to supply. And here is a chart of the recent copper price performance, up overnight again to $4.80 or thereabouts. So we're certainly in the right metals with the right focus. Pleasingly, prices for other metals, and we've got here zinc and gold and silver. And zinc, again topped up their $0.10 overnight. Zinc, gold and silver are also seeing price strength activity. They are metals, zinc and copper are metals of the energy transition, and they are the right metals to be in as well. And gold and silver, gold at $2,434 and silver at $31, and we're a very significant producer of both gold and silver here in Australia. So we're blessed with the right base and precious metals, just got to get more of them out of the ground. In our people, as mentioned earlier, we have a committed team with the resilience and the skills needed to safely and successfully deliver. Looking ahead to 2024 also requires that all of us at 29M acknowledge that a challenging year for the company was also a challenging year for you, our shareholders. We acknowledge and appreciate the support of our shareholders last year of the very successful entitlement offer. Board and management recognize the responsibility on all of us to deliver those volumes and, ultimately, the share price. In closing, on behalf of the Board, I want to thank 29Metals team, employees and contractors for their tenacity, their hard work, their dedication and resilience shown during the past year. It is this commitment to 29M that is the backbone of our culture and serves as a strong foundation for future success. Again, we also want to thank our shareholders and our other stakeholders for your continuing support. My fellow directors and I look forward to the opportunity to speak with those attending here today or at any other time. We're very happy to talk about the company. I now invite our CEO, James Palmer, to address the meeting.

Thanks, Owen. And yes, good morning, ladies and gentlemen, both here in the room and joining us online. It's a privilege to present to you, our shareholders, and my first meeting as CEO of 29Metals. Standing here today, I'm 3 weeks into the role, and it has been a whirlwind start, as some of my team know. Lots of greeting and then finding lots of things, visiting sites, meant that I've got to get around the business, meet with a lot of the team and really advance our priorities and plans for 2024. And I'll speak more about those priorities and plans shortly. But before I do, I did want to share just what I see at 29Metals and what attracted me to the opportunity to lead this still very young company. I've been a close follower and an admirer of 29Metals since listing. And my interest was sparked by the metals that we have in our portfolio. And I think Owen's earlier chart up and to the right shows exactly that. I'm a firm believer in the huge role that particularly copper and zinc and some of the other metals we have in our portfolio are going to play in the global energy transition. So we want that graph to keep going. My interest was then magnified, again, in one of Owen's slides, clear, compelling vision and values, which certainly appeal to me professionally as well as personally. I've now had the opportunity to travel to the 29Metals sites and offices, and I've had the opportunity to meet with and listen to lots of our team, and really see the things that we do well and some of the things that we can do better. It's really clear to me we've got a committed team, and our people truly are our greatest asset. Crucially, and as Owen has already said, I've seen just genuine commitment to safety, to health, to well-being and to sustainable business practices that are just critical to any successful business. I've also seen the enormous potential of 29Metals: established assets in Tier 1 locations; mine lives in excess of 10 years with significant organic growth potential to both grow production and extend mine lives; and substantial mineral inventory in copper, in zinc and other critical metals. Looking ahead to the year of 2024, we must continue to focus on safe, sustainable improvement in productivity and costs, maximizing returns for shareholders in positive metal price conditions, as we're seeing currently, and ensuring resilience against low metal prices and the inflationary environment that we've seen. We must continue the drumbeat of delivery that Golden Grove is now establishing now that we are firmly into Xantho Extended. We need to safely complete the transition to suspension of operations at Capricorn Copper, and we must continue to manage our environmental responsibilities and manage costs. We need to develop and deliver plans for a successful and sustainable restart of operations at Capricorn Copper so we can really set the site on a course of enduring future success. We need to work closely with our regulators and other stakeholders to support the business outcomes, and we need to continue to unlock the organic growth potential in our business. We need to demonstrate a clear plan, and we need to deliver on commitments. And we need to do all of this without ever compromising on our commitment to safety, to health and to well-being, exactly as Owen outlined. So I'm looking forward to working with the Board, working with my team, the whole of 29Metals, and look forward to speaking with shareholders, stakeholders over the coming months about our priorities and plans. And then finally, I already chatted to a couple, for the shareholders joining us here in the room today, looking forward to speaking with you some more after the meeting and then continuing moving forward. So with that, thank you, and I'll hand back to Owen.

Good on you, James. Well done. We will now move to the formal business of the AGM. As Cliff mentioned earlier and set out in the Notice of Meeting, voting on each of the resolutions at this AGM will be conducted by a poll. I will open the polls shortly. The first item of business is the receipt and consideration of the 31 December 2023 financial report for the company and the reports of the directors and the auditor. No vote is required on this item of business. 29Metals' financial statements for the year ended 31st December 2023 were released to the ASX announcements platform on the 23rd of February '24 and were included in 29Metals' '23 annual report. A copy of the '23 annual report has been made available on the company's website and sent to those shareholders who requested a copy. I will take 29Metals' financial statements for the year ended 31st December 23 as having been received by the meeting and invite questions regarding the financial statements for the year ended 31st of December 2023. I note that no questions were received for the auditor prior to the meeting. Cliff, have any questions been received online?

Yes, Owen. We have a question online from shareholder Stephen Mayne. And the question is for our auditors. The question reads, after booking a $440 million loss in 2023, our claimed net assets are down to $421.7 million. But this is still $70 million higher than our $351 million market capital based on last night's closing price of $0.54 per share. Could one of our 2 Ernst & Young audit signing partners from the Perth office comment on why the $170 million Capricorn impairment wasn't larger and the process they went through to establish that $139 million was a suitable rehabilitation provision for that mine.

Thank you for the question. There's two parts to it. But before I respond to the question, I must state, for the record, my role, under the Corps Act as the lead independent auditor here today, is to answer questions relating to the conduct of the audit, content of the audit report, our independence as auditors and the accounting policies adopted by the company. So there's two parts to that question. I'll start with the impairment part first and then move on to rehabilitation. So in terms of the work that we do, during the course of our audit, we obtained an understanding of and assess how the company goes through their indicator of impairment assessment. And in this case, there were indicators of impairment identified, and so a formal impairment assessment was conducted by the company. We performed a range of procedures to form our independent opinion that the policies, judgments and estimates were both reasonable and in accordance with the accounting standards. So with respect to the capitalized mine development expenditure and property, plant and equipment, management assessed the carrying value for indicators of impairment in line with the requirements of AASB 136 for each of the group's CGUs, being Capricorn Copper and Golden Grove, indicators of impairment were identified by the group and a formal estimate of the recoverable amount of each CGU was undertaken. Note 21 to the financial statement outlines the impairment of noncurrent assets and all the key assumptions adopted by the group in their impairment assessment. As part of our procedures, we reviewed that assessment with the involvement of our valuation specialists. I'd like to refer you to our audit report on Pages 124 to 125, which specifically deal with the section on key audit matters where we've outlined our detailed procedures. And then in relation to the second part of the question, which is the rehabilitation, I'd just like to clarify that the rehabilitation provision for Capricorn Copper was $59.845 million, and the total rehabilitation provision across both mines was $139 million. So in relation to the work we do for the rehabilitation and restoration, we obtain an understanding of and then independently assess how the company has provided for its provisions for restoration and rehabilitation. We perform a range of audit procedures in order to form an independent opinion on the accounts, taken as a whole, including the judgments and estimates, and whether they were reasonable in accordance with the accounting standards. Note 23 to the financial statement sets out the detail of the company's accounting policy with respect to provision for rehabilitation. Management also uses the services of an external specialist to assist with the provision for rehabilitation calculations, and we engage our rehabilitation specialist in order to review that work. And again, I'd like to refer you to our audit report on Pages 124 million to 129, which outlined the detailed procedures that we followed. Thank you.

Thank you, Fiona. Cliff, have any other questions been received online?

There are no further online questions for this item, Owen.

Thank you, Cliff. Are there any questions shareholders wish to ask via the phone?

There are currently no questions via the phone.

Thank you. I'll now open to questions in the room. If you have a question, please raise your yellow or blue card. When I call on you to ask your question, please state your name and, if you are a representative of a shareholder, who you represent. There are no questions in the room so we will move on to the 5 resolutions being put to the meeting, and I now formally declare the polls open. A reminder to those joining online, please record your votes using the icon at the bottom of your screen. For those joining in person, please record your vote on the back of your yellow card as we move through the resolutions. I will give you advanced warning before I move to close voting at the end of the AGM. We will now move to resolution #1, the adoption of the 2023 remuneration report, which is shown on the screen. The remuneration report was included in the directors' report for the year ended 31st of December '23, a copy of which is included in our '23 annual report. The remuneration report outlines 29Metals' approach to rem, including remuneration for key management personnel and includes information regarding matters being presented to this meeting for shareholder approval in resolution #2. Please note that the vote on this resolution is advisory only and is not binding. However, any discussion on the resolution and the outcome of the advisory vote will be taken into consideration by the Board. As set out in the Notice of Meeting, a voting exclusion applies to this resolution, and in the interest of good corporate governance, the directors have abstained from making a recommendation regarding this resolution. Proxies received are shown on the screen. We received one question prior to the meeting, which I'll ask Cliff to read out and also deal with any questions received online.

Thank you, Owen. The question received on this item of business before the meeting is as follows, why are performance rights being awarded when the share price is going backwards? Remuneration should be commensurate with share price performance.

Thank you for that question. I will now ask the Chairman of the Remuneration Committee to address that question, please. That's Martin Alciaturi.

Thanks, Owen. So the question goes, I think, generally to incentive payments for the '23 year and specifically to the award of performance rights. As Owen has outlined, it was an extremely challenging year '23 and in particular as a result of the extreme weather event at Capricorn Copper. So the Board was very cognizant of trying to balance the fact that, that led to clearly undesirable shareholder outcomes, but also the fact that the executive team was under significant pressure and worked extremely hard through the year to try and deal with those events. So for the second year in a row, the Board ultimately exercised downward discretion in the incentive outcomes for this year and did so in three different ways. The first was an adjustment of the actual performance outcomes, or the scorecard, if you like, for the KPIs. The second was that the Board took the decision to award the vast majority of incentive outcomes as performance rights, as the question sort of suggests, as opposed to cash. Obviously, performance rights are inherently incentivizing because they tie the ultimate reward for the executive to the performance of the share price and indeed, of course, they only vest if certain performance hurdles are met. And lastly, we took decision to award performance rights, not as is often or typically the case at the share price at or around the time of the award, but we tied it to the pricing of the entitlement issue that was done in Q3. We felt that was appropriate. That was a price that essentially all of the shareholders had subscribed for equity for. And we wanted to, I guess, make management additionally focused on recovering to that share price. At the time, we made that decision, that $0.69 price was substantially higher than where the shares were trading. I'm pleased to say that shares have traded well up since then, although not quite at the $0.69 level just yet. Thank you.

Thank you, Martin. Cliff?

Chairman, we do have an online question from shareholder Stephen Mayne. The question is in two parts. Given that the shares were floated at $2 in July 2021 and closed at $0.54 last night, why haven't the directors taken a cut in their fees? How can we ask the WA government for a payment plan on outstanding stamp duties payable whilst paying our 6 nonexecutive directors a collective $1.1 million in calendar 2023? That's the first part. The second part of the question is, also, well done for cranking up the director payments in shares this year. Will this continue going forward?

Thank you for that question, Stephen and Cliff. And I think Martin, would you mind answering that and see how that goes? I feel there may be other folks that you'd like to include in that, but you've got the two parts there.

I'll certainly endeavor to cover most of it. So firstly, in relation to nonexec fees, so there's a reference in my letter in the annual report that introduces the remuneration report that notes that the nonexec fees is a factor that the Board has been looking at this year. There's been no change to nonexecutive fees or committee fees since the IPO, no upward or downward change. And the Board has certainly been discussing the fact that, with the changed circumstances with Capricorn Copper in suspension, that that's something we look at. So that was something I referred to in the letter that was sort of, I guess, late February. We have since then had a Remuneration and Nominations Committee meeting that has considered paper on that topic that has looked at how our peers remunerate nonexecutives. And we are considering, I guess, recommendations coming out of that at the next Board meeting after this. We wanted to listen to shareholders today and also proxy advisers in the run-up to this to get their feedback on this issue. But in summary, it is something that we will be making some adjustment to. The second part, I think, was commenting on the nonexec share plan, I think. So shareholders will be aware perhaps that we're now -- it didn't start this year. I forget how long it's been going, but probably the best part of 2 years at least now. So a fixed amount of nonexecutive fees, $40,000 worth, are invested into shares at the market price on a quarterly basis, and that's part of a mechanism to see nonexecs build their shareholding in line with other shareholders.

Thank you, Martin. Cliff, any further questions online?

We have one further question, Owen, again, shareholder Stephen Mayne. We would have had a strike if EMR hadn't voted. Did we get legal advisers to whether that was appropriate? Given 2 EMR nominees on the Board are paid by the company, doesn't this mean the EMR is effectively voting on the pay of its own people?

That sounds like another one for you, Martin.

Okay. Well, I think the short answer is I'm not conscious of us taking any legal advice on that. EMR are a shareholder, and they're entitled to vote as any other shareholder, I would have thought. I'm not sure that all of that was correct. Was it, Cliff, in terms of the payment of fees to the EMR representatives?

Yes. I might take this one and add to your answer, Martin.

Certainly, Cliff. Thank you.

So the details of the fees paid to the directors of the Board who were nominated for appointment by EMR are set out in the remuneration reporting in some detail. In terms of the Notice of Meeting, we set out the voting exclusions that apply to each of the resolutions. And suffice to say that we're satisfied that the voting exclusions applied for today's resolutions are consistent with the law. We will not comment on legal advice taken by the company.

Thank you. And was that point right about the strike? No.

Well, we don't do hypothetical counts, including or excluding shareholders, Owen. We take the poll result as it stands.

Yes. Thank you. Any further questions, Cliff?

That's the last online question, Owen.

Thank you. Are there any questions queued via the phone?

Currently, there are no questions on the phone.

Thank you very much. Any questions from shareholders in the room? There's no questions from people in the room. We will now move to resolution 2. The issue of 2023 STI, short-term incentive, performance rights to Peter Albert. The resolution shown on the screen seeks shareholder approval for the award of performance rights to Peter Albert, 29Metals' retired Managing Director and CEO, under the company's 2023 short-term investment plan as detailed in the Notice of the Meeting. A voting exclusion applies to this resolution as set out in the Notice of Meeting. Proxies received are set out on the screen. The directors unanimously recommend that shareholders vote in favor of the resolution. Cliff, have any questions been received online?

No, Chair, no online questions for this item.

Thank you. Are there any questions on the phone?

Currently, there are no questions on the phone.

I would now invite any shareholder questions on this item in the room. And there are no questions within the room, so that's all clear. We will now move to resolution #3, the issue of securities under the 29Metals' equity incentive plan. The resolution shown on the screen seeks shareholder approval for 29Metals' equity incentive plan, which provides a framework to award employees with equity-based remuneration and the issue of securities under 29Metals' equity incentive plan for a period of 3 years. A voting exclusion applies to this resolution as set out in the notice. Proxies received are set out on the screen. The directors unanimously recommend that shareholders vote in favor of this resolution. Cliff, any questions been received online?

No, there are no online questions for this item of business.

Thank you. Are there any questions via the phone?

Currently, there are no questions on the phone.

Are there any questions from shareholders in the room? There are no questions from shareholders in the room. We will now move to resolution 4, the reelection of Jacqui McGill as a director. This resolution seeks shareholder approval for Jacqui's reelection as a director. Jacqui has been a director of the company since 2021, and her background and qualifications are included in the Notice of Meeting on our website and in the 2023 annual report. Proxies received are set out on the screen. The directors, with Jacqui abstaining, unanimously recommend the shareholders vote in favor of this resolution. Cliff, are there any questions from online?

No online questions for this item, Chair.

Are there any questions queued on the phone?

Currently, there are no questions on the phone.

Are there any questions from shareholders in the room? One question, [ Peter ].

It would be lovely to hear from Jacqui as to her contribution to the company and what she sees as the challenges going forward for the company.

Thank you, Peter. And I can assure you, Jacqui's contribution is just terrific at the Board table and at all of the meetings, and particularly as Chair of the Sustainability and ESG Committee. And I would invite Jacqui to maybe say a few words as per [ Peter Halstead's ] question. Jacqui, if you'd like to do that for us today. Thank you.

Thank you, Chairman. My contribution comes through my 30-plus years in operational experience, leading large organizations within the resource sector and more recently, of course, my Board portfolio that I have across the resource industry. In regards to 29Metals, I think the focus on operational discipline is paramount. Key to that, of course, is safety and how we create an environment where our people can prosper and develop and grow in a way that's supportive, that enables them to be their very best. With regards to sustainability matters, we are dealing with our emissions and planning our way ahead but really, importantly, over the past year, it's been supporting the team on their decisions and actions to mitigate the water issues at Capricorn Copper. So certainly feel that those contributions from myself and the other Board members are valued by the management team. And together, we're working on very strong and solid solutions to resolve those issues.