Aurelia Metals Limited (AMI) Earnings Call Transcript & Summary

Well, good morning, everyone. My name is Peter Botten and I'm Chair of Aurelia Metals Limited. Welcome to our 2025 Annual General Meeting and what will be my last AGM as Chair. I wish to thank everyone for attending today, whether in person or online. I'd like to begin by acknowledging the Agora and Turrbal people's with traditional custodians and the land on which we meet today. I'd also like to acknowledge the traditional custodians of the lands upon which Aurelia operates and pay my respects to their elders past and present. Whilst every effort has been made to ensure today's meeting runs smoothly for those attending online, if technology issues do arise, a short recess or an adjournment may be required depending on the number of shareholders affected. If this occurs, I shall advise you accordingly. At this point, I kindly ask everyone in the room to please ensure your mobile phone is switched off or placed on silent mode. In the event of an emergency and alarm will sound, please follow the directions of Alan's staff. All of our Board members are present today. On my far left-hand side is Lynn Brasil, next door to Lyn is Rachel Brown next door to her and me is our Managing Director, Bryan. And on my right-hand side, we have Bruce Cox, Susie Corlett and Bob Vassie. We also have with us today, Rochelle Carey, our Company Secretary and members of our executive leadership team. So at the end of this meeting, please engage with them, ask them any questions and get to know them. Representing the company's auditor, Ernst & Young, is Ms. Kelly MacKenzie, who is available to answer any questions in relation to the audit of the company and Kelly up the front of you. Under our constitution, a quorum for our shareholder meeting is 3 members and we do have a quorum present here today. So I now declare the meeting open. I propose the Notice of Meeting dated 30th of October 2025, which was made available to shareholders be taken as read. And so moving to the agenda for today's meeting, I will firstly deliver a brief address, our Managing Director and Chief Executive, Bryan Quinn, will then present on our FY '25 performance in FY '26 outlook. This will be followed by the formal business, which is to receive and consider Aurelia's FY '25 financial statements and reports and put 4 resolutions to shareholders. The resolutions will cover: one, adoption of the FY '25 remuneration report; two, the reelection of Bruce Cox and the election of Rachel Brown as directors in accordance with the company's constitution; and three, to issue performance rights to the Managing Director, Bryan Quinn. The participation in the business of the meeting, including the as asking of any questions is confined to shareholders and people entitled to vote on behalf of shareholders. If you are in the room with us today and wish to ask a question, please stand and show your yellow or blue attendance card. Please state your name and then ask your question. If you are attending online, you will be able to ask questions either verbally or in writing. Please select the ask a question drop-down menu on your screen, click on the green as question button and then choose either text question or verbal question. A panel will open where you can type your question or register to ask it verbally. Please select the related resolution or general question and indicate the shareholding or capacity on behalf of which the question is being submitted and then click submit question. It seems pretty complicated to me, but I'm sure it's not when you got a computer provide front of you. Written questions will be read by our Company Secretary at the appropriate time. We will address any general questions after the Managing Director and Chief Executive Officer's presentation, Written questions may be amalgamated when we answer them. If you are online and have chosen to ask your question verbally, I will invite you to ask your question at the appropriate time during the AGM. Please listen carefully for the invitation to speak and ensure your microphone is unmuted when called upon. Please note that there may be a delay between the submission of your question and ask a receiving the question. I, therefore, encourage you to submit your questions early. Before we turn to the formal business of the meeting, I'd like to make some opening remarks. In October 2025, I advised the Board of my decision to step down as Chair of Aurelia following the 2025 Annual General Meeting, this meeting. It's been a real privilege to serve on the Aurelia Board over the last 4 years, during which time we have successfully navigated some particularly challenging times and made meaningful progress in delivering performance improvements across our operations and delivery of our growth projects. I'm proud of the improvements achieved in safety performance, operational reliability, and strategy delivery. The company is now in a strong position to continue delivering value for shareholders from its attractive assets in the Cobar region. We do, however, recognize that this is a journey and there's still a lot of work to do to deliver the core value of the business to our shareholders. I'd like to extend a warm welcome to Ms. Rachel Brown, who joined us as a non-director, Non-Executive Director in October. Rachel brings governance and legal expertise along with broad experience across multiple sectors to the Aurelia board. This has been a year of disciplined execution and decisive progress at Aurelia. We continue to transform our business into a copper and base metals focused company that will play a meaningful role in the global transition to a low-carbon economy. In FY '25, we returned to profitability. Strong cash flow generation enable us to self-fund our growth activities and maintain a debt-free balance sheet and more than $146 million in available liquidity. Productivity improvements across our mining and processing operations contributed meaningfully to these outcomes. Our Cobar Basin optimization projects align with our growth strategy and journey we have started which is based on building a more resilient cash-generative business with higher margins and longer operating life. The projects are expected to unlock significant latent value in the peak processing plant as throughput ramps up to between 1.1 million and 1.2 million tonnes per annum. The great Cobar project also approved during the year represents a transformational step in our journey towards becoming a substantial copper producer with first ore scheduled in FY '28. And Federation, first stope wall was filed in September and in December, first ore from the mine was processed for our peak processing plant. From that point, production ramp-up, gain momentum. The ramp up of Federation and further resource confirmation will remain core priorities for the business in FY '26. Safety remains the foundation of everything we do, and I'm pleased that the FY '25 in FY '25, total recordable injury frequency rates reduced by over 50% to 5.91%. This reflects a visible safety leadership, stronger risk management framework and a safety-first culture. Safety at Aurelia also extends to safeguarding the psychological well-being of our people and our commitment to an inclusive workplace. Although there is still a lot to do to ensure Aurelia has an injury-free workplace, this is a core focus for the business right across the organization. During FY '25, the Board oversaw strengthening of our risk management culture, conducting site visits to verify risk control effectiveness against the approved framework. Guided by our value of care, mine closure activities at DAGs progressed and we are transforming the site in ways that demonstrate safe, responsible and sustainable closure practices. During FY '25, the Board undertook a comprehensive review and refinement of the company's strategic direction. This process reaffirmed our commitment to sustainability, productivity optimization, disciplined growth and a strong focus on our people and culture. We continue to align our organizational values and behaviors with our business objectives, ensuring that we build a workplace that empowers our employees while strengthening the foundations for long-term performance. A key priority for the Board has been to maintain the robustness of our balance sheet while applying a disciplined capital allocation framework. Through careful investment and ongoing focus on operational efficiency, we have outlined a pathway towards our strategic target of achieving [indiscernible] tonnes copper equivalent tonnage for Adam in 2028, supported by an improved unit cost position. This target represents a significant step forward in enhancing shareholder returns and ensuring the sustainability of our business over the long term. The company is making solid progress in executing its strategic priorities on time and within budget and guidance, as demonstrated by the 2025 results. The advancements achieved reflect the dedication of our management team and employees and demonstrate the strength of the strategic framework we have put in place. On behalf of the Board, I'd like to thank the Aurelia leadership team, employees, contractors and business partners for their hard work and dedication during FY '25. I also thank our shareholders and community stakeholders for your ongoing support and confidence. I'd like to thank my Board colleagues for their continued support and sage advice during my tenure as Chair of your company. This is a pivotal in successfully addressing the challenges we have faced together. Thanks again for your experience and input to all of you. Thank you. As I set down as chair at the end of this meeting, I'll be replaced by my colleague, Bruce Cox, who will take up the role of interim Chair whilst a broad search for a replacement continues. The process is well advanced. I wish Bruce the absolute best of luck in his new role. As I conclude my time as chair, I take great pride in the progress Aurelia has made over the past 4 years. The government is in a strong position guided by a capable leadership team, a clear strategy and a commitment to safe and sustainable growth. I have every confidence that Aurelia will continue to build on this foundation and deliver long-term value for all stakeholders. There remains a lot more work to do, and I wish you well for the future. Thank you for your continued support of Aurelia. So that's my [indiscernible]. So I'll now pass over to Bryan to provide his you as Managing Director and walk you through on an operational summary.

Thanks, Peter. We are going to move through some slides for those online, slide deck was released this morning. So we will obviously talk through the slides as we go through. But it's an honor to address you today. I'm pleased to see at a time market by significant progress of enhancing shareholder value and also progressing our business strategy from where we were last year and the previous year. Our accomplishments in 2025, the truck result of the well defined purpose of strategies that Peter referred to and are consistently being delivered to the market. I'd like to express my gratitude to the shareholders for their continued support and confidence in Area and what we're trying to achieve. Additionally, I'd like to extend my appreciation to the Board of Directors who are here with me today on the front bench. Executive leadership team and the operational exploration and support teams that actually work hard every day to make these results. Their commitment and professionalism is #1 to me in terms of making these business results. So Martin, Andrew Angus, Rachel and Jesse are here today as the executive leadership team. So please get a chance to have a chat to them, ask them hard questions after the session, please. Look, I'll just refer to the forward-looking statement for your review and acknowledgment. In terms of an executive summary, Aurelia Metals is delivering strong returns today and is positioned for transformational growth in the critical minerals sector. This year represented a period of transition, execution and strategic preparation for future growth. We safely met all guidance targets, delivered robust financial results, including generation within budget and this the next phase of our growth projects, all achieved through self-funding while also closing the darks mine in the Southern islands. On to business highlights. The business has demonstrated continued financial improvements since FY '24, which is self-marked progress against the prior years. This performance reflects our commitment to exiting strategy in a systemic and transparent manner. As of the 30th of June 2025, our cash position was $110 million in hand. EBITDA improved by 69% to $121.9 million driving a significant turnaround to net profit after tax of $48.9 million, which is a very strong result for this company from where we've been. Notably, unit margins, costs remain robust and stable from FY '24 to FY '25, considering all the inflationary pressures that do exist in the market, we maintained a flat unit cost structure over that period of time. And the balance sheet concluded the period in a very strong position to grow further. Notably, and very importantly, as Peter highlighted, we did this with an achievement of reducing our total recordable injury frequency rate to just over 50%, which is a great credit to the team involved. In terms of executing our strategy, it's reasonably straightforward what we're trying to achieve. And I'll also just talk through step by step, each one of these strategic drivers but we are focused very much on sustainable delivering value, operating discipline, focused growth and having the right people, right mindset, which is really about the culture coming to work every day and wanting to make a difference and improve our business and will come with a sense of purpose as well. In terms of sustainable delivering value, in FY '25, we did obviously prioritize and we continue to prioritize ensuring everyone goes home safe each day after work. While he concluded with adding serious injuries, we still have injuries, which is unacceptable. And they were minor in terms of hand injuries and trips, falls type injuries. There are still things that we need to focus on to get better as a company and to ensure our people go home every day the same way they come to work. We did maintain robust environmental compliance and focused very much on positive relationships with our community. We put investment in this community into local procurement. We've prioritized that. We've also looked at very much how do we continue our charitable contributions to better the community for the people living in the community as well. And they're very important for us to ensure that we bring the community with us in our journey to be a better regional location. In terms of operating a disciplined strategy, we're supported by strong financial results and our ESG performance. We've actually been able to navigate the complexities associated with our recent growth phases through our disciplined delivery. Our focus has been on efficiencies, productivity at both peak and also the Federation project assets come online. We've also been focused on increasing recoveries like you will see quarter-on-quarter as we report those to really get better recoveries out of the ore as we ramp up Federation into the plant as well. We actually are implementing strategies to surpass production budgets for Federation in a cost-effective manner. We're doing that through really looking hard at how we can improve our volumes out of Federation to ramp up faster than we've sort of indicated to the market in the past. And lastly, we obviously did close DAGs at the start of FY '25. And that complexity can't be underlined. It was a lot of work, but the team did it very successfully and now it's in a remediation state where we're selling equipment and remedying the site. In terms of production results, as noted on this slide, we have achieved full production guidance for all of the mills. And as was reported in quarter 1 FY '26, this remains on track in FY '26. So that shows quarter-on-quarter, quarter for many, many quarters. So we've actually been able to deliver that guidance. And we believe this year is still in the same vein will achieve those results. Our cash and liquidity, the company maintains a solid financial standing supported by substantial liquidity and are very much a focus on prudent management of our balance sheet. At the end of FY '25, we reported cash [indiscernible] of $110 million with no outstanding debt, and we hadn't used the $23.6 million loan note that was actually put in place. This position was achieved following an investment of around $84 million in growth, which includes our federation growth and our exploration work. And this strategic allocation of resource is expected to yield significant returns in the coming years as we ramp up Federation and continue to unpack the exploration results that we've been announcing to the market through Nymagee and other locations. In terms of focused growth. During the year, we announced our medium-term objective of reaching 40,000 copper equivalent tons, which is a big step in the right direction to us really putting a target out there that we're after coming into FY '28. The ramp up of Federation is a first step towards doing -- achieving that and also, obviously, ramping up the peak mill to its full capacity, which it is now. And then with the expansion projects we're working on in the peak plant, that's the additional move from 800,000 tonnes to 1.1 million to 1.2 million tonnes. We've also kicked off the great Cobar decline, which is heading towards the copper rich grade Cobar deposit that kicked off on the first of July, and that's well on track with both on a cost basis and a scheduled basis at the moment, which is great news for us. Additionally, we launched the project to optimize the plant, as I mentioned, and that's also on track in terms of schedule and costs at this point in time, which is a great outcome for the team. So as I mentioned, all projects that we finished in FY '25 Federation within budget, it's now gone to commercial production. We've now moved into great Cobar and expanding the Peak plant. They are also at the end of quarter 1, both on schedule and on cost as well. So hopefully, that gives people and investors confidence that we can deliver these projects in a very disciplined way. Exploration remains pivotal to our future strategy and for our organic growth options that Peter mentioned. We're continually -- actively drilling the region inside of our footprint we have in FY '25, Federation West extension was declared and also more work was done on the Nymagee deposit, which also gave good results that we put to the market. Obviously, more work is being done around the region to look for the next opportunity we have from a greenfield point of view. But obviously, the Emera release came out recently showing that from the work, we upgraded our resource by -- sorry, by 12% and our reserves by 17%, which is a significant accomplishment for this company. to be able to put those results out on top of the growth work on top of the closing guards on top of the very strong focus on getting our guidance delivered inside the ranges we put out to the market. Again, this really demonstrates the focus management team to give value to the shareholders. So we are a value-driven mining organization. We are driven to really make sure we can do the best in the Cobar region. Our mission is to deliver robust returns to shareholders through being efficient and doing it in a sustainable way across our operations. We have the right exposure to the right metals. We've demonstrated we can manage our balance sheet to self-fund our growth over the last couple of years. We have productivity initiatives that are underway that will increase our margins, improve productivity and lower unit costs, while we're growing, and we're in the region with high exploration prospectivity as we've demonstrated through the [indiscernible] results have recently. And we're well on track to having our major processing plant full this year. And with the expansion, we'll fill it again. Lastly, our management team remains committed to executing these strategic objectives and delivering sustainable value every day they come to work every time we report the results. So our FY '26 focus is really outlined in the priorities on the slide. They're all aligned to a central objective of safely achieving our overarching business strategy. We're increasing production at Federation, advancing development initiatives at great Cobar and sustaining robust exploration activities. Looking forward to FY '26 and beyond our immediate emphasis is achieving guidance targets safely and obviously generating solid operating cash flows as we have done. Our medium-term goal, as Peter mentioned, is to deliver the 40,000 copper equivalent tonnes during FY '28, supported by these mill expansions I talked about, supported by the great Cobar project we talked about and also supported by the ongoing ramp-up of the Federation project. These volumes projected to generate significant annual cash flow ranging from $100 million to $200 million in cash flow from operations. Ultimately, we are committed to building a resilient business characterized by financial strength and the strategic flexibility we can actually use from our resources. Importantly, we have the necessary infrastructure for people who have been up to Cobar and see our infrastructure. We have the resource and our moral support and our focus is really about building a really strong culture in the organization and in the region. And that work is well underway to really ensure that our people come to work every day with a clear focus, a clear sense of delivery, what they do, go home safely and feel they've actually accomplished something for the day and always thinking about how we can make the organization better is a key cultural attribute we're really seeking. We've made good progress in FY '25. So much more to do, though, and the team is very focused on that. So in closing, I want to thank all of the Realia personnel for their efforts in FY '25 and the work so far in FY '26. Their hard work and commitment underpins these results. And I can talk about these results because they work they put in day in, day out. I also want to thank you, our shareholders, for your ongoing support and challenge. I would especially like to thank Peter as the outgoing Chair for his support and leadership over the last 4 years as the ultimate test of success Peter leads this business in a better state than we arrived, both from a strategic point of view and a financial point of view. We have built a business that is leaner, more resilient and ready for next chapter with major growth projects advancing, strong balance sheet and a team that firmly believe we can do it and really is actually positioned very well for this exciting journey going forward. So without further ado, I would now like to invite questions.

Thanks,Bryan. And just a reminder, if you'd like to ask questions from the floor initially, please show your blue or yellow card and give us your name or who you might be representing as a shareholder. So I'll throw it open to questions from the floor.

[indiscernible] Gillespie. It's just a question about the Federation mine. In the quarterly report, you said that it's ahead of mining plan. What does that mean? Is it done meters? Or is it my production or what?

Yes. Thanks for the question. So at the moment, we've we put a more aggressive plan forward to try to achieve this year than was in the original budget. And that -- what that's based on is you got to get development at first, and that is going very, very well. And secondly, wants developments ahead, then obviously, you can bring in the machinery to stoping process, which is also as we did report at the quarter 1 position. So our aim is to come in for a full year ahead of what the numbers were. We haven't told them like what that number is yet obviously. It's an internal thing. But rest assured, our focus is to make sure we come in, I guess, ahead of what we put in the budget and what we put out in that numbers to the market. The mine is performing very, very well. The ore is performing very, very well in terms of how it goes through the processing plan. So it's definitely an exciting type of Federation as we ramp up.

Any more questions from the floor? No? Rochelle, are there any questions online?

We do have a few questions online, Peter. The first question is from Stephen Mayne in terms of general questions. He's asked when disclosing the outcome of voting on all resolutions today, please revise how many shareholders voted for and against each item similar to with the scheme of arrangement. This will provide a better gauge of retail shareholder sentiment and insight into the chronically low retail shareholder participation rate the likes of Qantas, ASX, Suncorp, Tabcorp Meyer, Flight Center Stockland and Computershare or voluntarily do this.

Thanks, Mr. Mayne for your question. We certainly will look at being -- disclosing notes shareholders. I can't give you -- that's something we're prepared for to do today, but we will have a look at that and in the future, look to see whether that's an appropriate move for us.

There's also another question for Mr. Peter Klose, he's asked, can the company give guidance as to the amount of gold forward sold for 2026 as a percentage of forecast production and also beyond 2026 and the price and also the same guidance for copper if relevant.

So in our quarterly reports, we provide those -- that information. every quarter we do provide what is the price and how much dollar we're actually producing. So I would refer to that question to our quarterly reports. I don't have that in front of me right now, but I think that quarterly reports every -- and all details in the back actually for even the pricing we're receiving for that goal. Obviously, we do hedge, and that's obviously part of that information disclosure in the back as well.

No further questions?

Thank you Well, there'll be opportunities to ask questions later on against the various specific resolutions being put to the meeting. So we'll now move on to the consideration of the full terms of business items of business for a meeting. The Notice of Meeting sets out the resolutions proposed today. No notice of other business has been received in accordance with the Corporations Act. And so the only items of business to be presented today will be those specific -- specified in the Notice of Meeting. Firstly, I'd like to explain today's voting procedures. As stated in the Notice of Meeting, all resolutions will be put to a poll. I appoint Adrian Atkinson of Automic Group, the company's share registry, who have examined and prepared summaries of the proxy forms received to act as returning officer and to conduct the poll. If you are attending in person, please fill out your voting card and our Automic representative will collect your completed voting card at the appropriate time. If you're attending online, once the poll has been declared open, you will be able to vote. To do this, please select the voting drop-down menu on your screen, then choose either full or allocate for your electronic voting card to appear. All of the prompts to record your voting direction for each resolution, and when you are ready, click submit votes. Please note that once submitted your vote cannot be changed. Resolution 1 relating to the remuneration report is advisory only. All other resolutions are ordinary which means that to be carried they require 50% of the votes cast by members who are entitled to vote. Resolutions 1 and 4 are subject to voting exclusions and further details about this are set out in the Notice of Meeting. As each resolution is discussed, the wording of each resolution and the results of the proxies received prior to the meeting will be shown on the screen behind me. The proxies received prior to the meeting represent 493,611,330 shares or 29% of the issued capital of the company. To the extent permitted by the Corporations Act and the ASX listing rules and subject to the voting exclusions detailed in the Notice of Meeting, all valid undirected proxies or open votes that have nominated the Chair of the meeting as their proxy will be cast in favor of each of the resolutions outlined in the Notice of Meeting. Directors and executives identified as key management personnel will not be voting undirected proxy votes given to them for resolutions 1 and 4. The poll and therefore, online voting portal is now open and will remain open until I declare the poll closed. Your votes must be submitted prior to the poll being closed for them to count. If you are online and you do not see the green open icon, please refresh your page now. I will now move to the first item of business. The first item is to receive and consider Aurelia's FY '25 financial statements, the directors' report and the independent auditor's report. As no resolution is required, there will be no voting on this item. Kelly Mackenzie from Ernst & Young is available to answer any questions you may have regarding the audit of the company. Are there any comments or questions from shareholders in the room regarding the financial statements or the audit of the company? Kelly, it's your last gig as well. So -- but thank you for your efforts over many years. Rochelle, are there any questions online? No? Thank you, Kelly. Thank you for all your efforts and your contribution to Aurelia whilst she's been our key contact first audit. There being no further questions or no questions, we will now move to resolution 1. And Resolution 1 relates to a nonbinding resolution required by the Corporations Act in relation to the FY '25 Remuneration Report. The wording of the resolution and the proxies received in relation to this resolution are now shown on the screen. The presentation of the remuneration report is a requirement for ASX listed companies. The company's remuneration report is included in the company's 2025 annual report. The remuneration report sets out the remuneration of Aurelia's Directors, the key management personnel and Aurelia's remuneration policies in respect of the key management personnel. In accordance with the Corporations Act, this vote is advisory only and does not bind the directors or the company. Are there any comments or questions from shareholders in the room regarding the remuneration report? No? And Rochelle, are there any questions online?

There are 2 questions, Peter, both from Mr. Stephen Mayne. The first question is Best practice is now to disclose the proxy position to the ASX along with the formal addresses to offer more timely disclosure to the market and a more fully informed AGM debate, [indiscernible] Origin NAB, Car Group, Viva Energy, Webjet, Zero Myer Brambles and J.P. [indiscernible] all do this. will you adopt this practice at future shareholders' meetings and have there been any material proxy protest votes on any of today's resolutions, including best remuneration report?

Thank you for your question, Mr. Mayne. I would say that normally proxy reports and proxy advisers generally tend to concentrate on the larger companies in the stock exchange rather than necessarily on the companies the size and shape of Aurelia. So I think some of the questions or the companies that you quite are quoted in that question, a significantly larger. To my knowledge, there is only 1 proxy adviser that actually opined on Aurelia's results and reports and there were no issues with that proxy adviser demonstrating full support for the various resolutions that have been put. I don't believe there are any other proxy advisers that covered earlier this year. Happy to again look into whether that's an appropriate thing to do. Obviously, it depends a lot on the coverage. But there's nothing to hide that in the business. So we'll look at that as well.

Our next question, also from Mr. Stephen Mayne. 29% of the total issued capital register is a low proxy turnout for a company of this size. Is this because we have a large retail base? Or are there large individual shareholders who will vote on the day in the room? What explains why 71% of the total shares on issue when voted by proxy ahead of today's meeting?

I've been in the business for close to 50 years, and I'm finally still quite hard to look into the minds of shareholders necessarily as to how they vote and what drives them and when. But clearly, there is a very significant shareholder that is obviously yet to vote, and it will be up to that individual to want to vote or not. I think that's the primary reason for the size and shape of the present voting numbers.

Thanks, Peter. No other questions.

Okay. Thank you. I put to the meeting resolution 1. Therefore, please record your vote in relation to Resolution 1 by choosing for, against or abstain on your screen or vote card. Shareholders soda line are reminded that folks cannot be amended on submitted. So we now vote on Resolution 1. [Voting]

Resolution 2, an item of business is Resolution 2, which is the reelection of Bruce Cox as a Non-Executive Director. The wording of the resolution and the proxies received in relation to this resolution are shown on the screen. Bruce's credentials are outlined in the Notice of Meeting. But I'll now ask Bruce to address shareholders regarding his reelection. So over to you, Bruce.

Peter. Thank you. So I hope you don't mind me just spending a couple of minutes on my CV, my resume. In -- for a time, I will have -- it will be my anniversary for working in the resources sector for 45 years. So I'm sort of looking forward to funding when I've got 45 years in the industry. I've worked lived in -- across 6 countries, Zimbabwe, Chile, Canada, U.S., U.K. and states of Australia. I've worked in mineral processing, which includes alumina refining aluminum smelting and steelmaking. In the mining sector, I've worked in the copper mining sector, iron ore, diamonds, bauxite and the platinum group metals. I have had many years of exposure to both open pit and underground operations, including the interesting challenging mining under lake in the Northwest territories of Canada, was Diamond, Sellas Worthen. And I'm familiar with had operations in Blockade, [indiscernible] techniques across various commodities. I'm currently on 4 boards, a lot of resource congonerat based out of Indonesia called United Tractors. I am on the Board of the world's largest single-site aluminum smelter based out of Bahrain called Aluminum Bahrain [indiscernible], among the advisory Board for 1 of the largest conglomerates in Saudi Arabian called Osland Brothers. And of course, I'm on really metals. As our public announcement as stated, are we acting Chairman for the duration of the time frame through place Peter, who is retiring from this Board. I would like to also thank Peter for his leadership of this Board over the past 6 years. And maybe as acting Chairman, just confirm the focus on the key elements -- 5 key elements of what the Board has focused on in the past and we'll continue to focus on, first of all, safe, reliable and efficient operations. Secondly, very much focused on ensuring a motivating rate of return for shareholders at all capital investments ensuring professionally the execution of all of our key growth projects, the 2 primary ones is great Cobar and our plant expansions at Peak, a disciplined allocation of funding for our exploration program, which is the future of the company and ensuring the robustness and resilience of our balance sheet during the current capital investment phase. So with that, thank you very much for your attention. Thank you. Thank you, Peter.

Thank you, Bruce. Bruce's reelection is unanimously supported by the rest of the board. Are there any questions, comments from the floor. Any questions online?