IGO Limited (IGO) Earnings Call Transcript & Summary

Welcome to the Annual General Meeting of IGO Limited. My name is Joanne McDonald, and I'm IGO's Company Secretary. Before we commence the formal proceedings, I'd like to run through some housekeeping. This is a COVID Safe venue. And if you haven't done so already, I would ask that you sign in using the SafeWA app or sign the manual attendance register after the meeting. If the fire alarm is activated, and we are asked to evacuate, please calmly walk to the nearest exit just behind you and make your way out of the building, assembling at the footbridge in High Street next to the QV1 Building. In an emergency, please follow instructions given to you by hotel staff. Male and female toilets are located on this floor, please follow the corridor on the right-hand side of the staircase. At the conclusion of the meeting today, please join the Board and management team for some refreshments just outside the room. I will shortly hand the meeting over to our Chair, Michael Nossal, who is joining us online. But before doing so, I'll go through the instructions for those joining us online on how you can ask questions and vote. For today's meeting, we have an audience here in person and also online via the Lumi platform. The Lumi platform allows shareholders, proxies and guests to attend the meeting virtually, and all attendees can watch a live webcast of the meeting. In addition, shareholders and proxies have the ability to ask questions online and verbally and submit votes online. Tax-based questions can be submitted online at any time during the meeting. [Operator Instructions] For those following this meeting online, there will be an approximate 30-second delay. As such, we encourage you to enter any questions you may have as soon as possible to ensure we see your questions in time and are able to respond to them. Please note that while you can now submit questions, they will not be addressed until the relevant time in the meeting. Please also note that questions may be moderated to avoid repetition. And if questions are particularly lengthy, we may need to summarize them in the interest of time. Finally, if we run out of time to answer all the questions, if we have your e-mail address, we won't answer them via e-mail. For those shareholders who wish to ask a verbal question, an audio question service is available during this meeting. [Operator Instructions] Voting today will be conducted by way of a poll on all items of business. Again, due to the 32nd time delay and in order to provide you with enough time to vote, we will shortly open up the voting for all resolutions. At that time, if you are eligible to vote at this meeting, a new vote in Taber appear. Selecting this tab will bring up a list of resolutions and present you with voting options. To cast your vote simply select for, against or abstain for each resolution. There is no need to click a Submit or Enter button as the vote is automatically recorded. You do have the ability to change your vote up until the time voting is closed. I now declare voting open on all items of business. The Voting tab will soon appear. Please submit your votes at any time. The Chair will announce later in the meeting when the voting will close. This is a shareholders meeting and only shareholders, their proxies, attorneys and authorized representatives are entitled to speak or vote. For those shareholders in the room, admission cards have been issued to each attendee. Those holding nonvoting yellow cards are entitled to speak and those with green voting cards are entitled to speak and vote at this meeting. As the poll is now open. I will invite Rod Somes from Computershare, who has been appointed as a returning officer for today's poll to explain the poll procedure.

Thank you, Joanne, and good afternoon. The persons entitled to vote on the poll are shareholders, representatives and attorneys of shareholders and proxy holders, all holding a green admission card and have registered by the online meeting portal. On the reverse of your green admission card is the voting paper and instructions. Proxy holders have attached to their admission card a summary of proxy votes, which details the voting instructions. By completing the voting paper, you are deemed to have voted in accordance with those instructions. In respect of open votes, a proxy holder may be entitled to cast, you need to mark a box beside the motion to indicate how you wish to cast those votes. Shareholders also need to mark a box beside the motion to indicate how you wish to cast your votes. For those attending online, a new voting tab will appear. Selecting this tab will bring up the list of resolutions and present you with the voting options. To cast your vote, simply select one of the options. There is no need to hit Submit or Enter button as the vote is automatically recorded. You have the ability to cast to cast and change your vote on all resolutions up until the time the Chair declares the meeting is closed. Thank you.

Thanks. The poll will remain open until towards the end of the meeting, and the Chair will notify the meeting prior to closing the poll. If you experience any difficulties during the meeting, please raise your hand, or for online participants, refer to the Lumi online guide available on the company's website. Thank you. I will now hand over to the Chair, Mr. Michael Nossal, who will start the meeting.

Good afternoon, ladies and gentlemen. On behalf of the Board of Directors, it is my great pleasure to welcome you to the Annual General Meeting of IGO Limited. We're delighted to have you here today, both in-person and online. My name is Michael Nossal, and I'll be chairing this meeting virtually from Melbourne. I'm advised by the company's Secretary that a quorum of members is present, and I therefore declare the meeting open. Before we commence, I would like to acknowledge the people of the new nation on who's land our in-person meeting is held today. We pay our respects to their holders, past, present and emerging. I would also like to acknowledge the people of the Kulin nation on who is land. I'm speaking from today and pay my respects to their holders, past, present and emerging. Joining me in the room today in Perth are Peter Bradford, Managing Director and Chief Executive Officer; and my fellow nonexecutive directors, Debra Baker, Peter Bilbe, Kathleen Bozanic, Peter Buck, Keith Spence, and I'm happy to say we've got Xiaoping Yang, who's also attending virtually from the United States. We are all available for questions a little bit later. Our company's Secretary, Joanne McDonald, is also in attendance, along with our General Counsel, Kate Barker; and our Investor Relations Manager, Richard Glass, who will be assisting with our Q&A session later in the meeting. We also have several other members of our executive leadership team with us at the live meeting today. And for those of you in Perth, I encourage you to take the opportunity to meet with them during refreshments after the formal part of the meeting. I would have much preferred to be with you in-person today. However, with the COVID-19 border restrictions still in place, I haven't been able to travel from Melbourne. I do look forward to engaging with you, however, via this virtual platform today, but more importantly, to being with you in-person in future years. I would also like to extend a warm welcome to those of you who are joining us virtually today via our live webcast. I hope you and your families are safe and well. Despite the ongoing challenges posed by the pandemic during 2021, it's my absolute pleasure to speak to with you at the conclusion of a highly successful and transformational year for your company, one in which the entire IGO team has delivered on our purpose, which is to make a difference. Over the last 12 months, IGO has transformed into a business, which is in a prime position to benefit from the growing demand for technologies that enable the generation, storage and transmission of clean energy. In particular, rapidly evolving battery technologies are enabling revolutionary changes to the transport industry and generating unprecedented demand for the key raw materials that we at IGO are focused on, that is nickel, copper, cobalt and lithium. The pandemic, which ironically has, in many ways, inhibited transportation has, however, been a catalyst for significant government stimulus directed towards investment in this space. And with the impact of the pandemic now somewhat abating, we are seeing exceptional demand and strong pricing for our key commodities. A clear highlight of the year has been the transformational transaction we announced shortly after last year's AGM to create a global lithium joint venture with Tianqi Lithium Corporation. The transaction has delivered IGO a portfolio of truly world-class lithium assets, which includes a stake in the Greenbushes lithium mine and co-ownership of a downstream lithium hydroxide processing facility in Kwinana. These two assets represent a long-life, low-cost, expandable, fully integrated lithium supply chain, which is currently delivering high-quality spodumene concentrates, and which within the next 12 months, will supply battery-grade lithium hydroxide to global end users. Strategically, it's exactly the opportunity that IGO had been seeking, and to successfully complete this transaction over the last 12 months is really a testament to the tenacity, determination and ability of branded IGO. The Tianqi transaction also precipitated our division -- our decision to divest our stake in the Tropicana gold mine to Regis Resources earlier in the year. While Tropicana had delivered excellent returns for IGO over almost 20 years, its divestment provided valuable funding for the Tianqi transaction and completed our evolution to become 100% focused on clean energy metals. While these two transactions have seen the business repositioned for the future, we have also continued to deliver great success elsewhere in the business, including at Nova, our nickel operating asset, in the field with our exploration teams and on our ESG performance and reporting, and of course, our financial outcomes. At Nova, the team delivered an excellent year of safe and successful operations, with production and costs both finishing FY '21 ahead of guidance, while at the same time progressing optimization and improvement programs, which have resulted in higher efficiencies and lower costs. Our exploration teams have been hard at work in the field and in the lab, helping drive our extensive portfolio towards discovery. Exploration remains a core part of IGO's growth strategy, and the Board and management teams have high conviction that exploration will deliver the mines of the future to IGO and significant value for our shareholders. Financially, through a combination of excellent operational performance and higher commodity prices, IGO generated record results across the board in FY '21. This included record revenue of AUD 919 million, record net profit after tax of AUD 549 million and record underlying free cash flow of AUD 363 million as at 30 June 2021. We also maintained a strong balance sheet through both significant transactions, and as at our most recent reporting a few weeks ago, held AUD 552 million on the balance sheet with no debt. This strong financial performance allowed us to declare a fully franked AUD 0.10 per share dividend for the full year, which was in line with our shareholder returns policy. The Board intends to maintain a balanced approach between returns to shareholders and retaining sufficient capital within the business to fund growth opportunities. Underpinning our operational financial performance is our laser focus on strong ESG, or environment, social and governance, performing and reporting. As a purpose-led organization, we believe we have a responsibility to consider all of our stakeholders when going about our business, and we strongly believe that how we go about our business is just as important as what we do in our business. The ESG landscape is broad. However, I'm pleased to note here a few of the highlights over the last 12 months. On the environment front, we accelerated our response to climate change by recently adopting an internal carbon price, which will enable us to fund specific work programs as we progress towards our stated aspiration to be carbon neutral by 2035. With respect to our social impact, we have maintained strong levels of employee engagement enhanced our safety performance and improved diversity within our organization. In addition, we have continued to foster a strong and collaborative relationship with our local traditional owners, as well as maintaining high levels of engagement with our broader community, which included contributions of over AUD 900,000 to community programs and organizations. And finally, on governance, we have increased female participation on the Board, which now sits at 37.5%. We've published our first Modern Slavery Statement and maintained our reputation for high levels of corporate disclosure. We're proud of these achievements that demonstrate our strong ESG performance and commitment to our purpose of making a difference, which -- many of which have been recognized externally. In 2021, IGO maintained its position in the Dow Jones Sustainability Australia Index for the third year running, and was also admitted to the Standard & Poor's Global Sustainability Yearbook, which recognizes the top performers from a sustainability perspective. Further to this, we've also been recognized for our sustainability reporting with the Australian Council of Superannuation Investors, consistently rating IGO's reporting as leading. I also wanted to address the ongoing discussions we've had with Western Areas, which we disclosed to the market a few months ago. I can't talk to any specifics in relation to this or whether a transaction will eventuate or not. However, I can say the Board and management of IGO is focused on delivering value for shareholders and ensuring thorough due diligence has been conducted with respect to any inorganic growth opportunities. As we can see with the Tianqi transaction, significant value can be generated for shareholders through this type of corporate activity, and we will, of course, update the market as any developments occur. In summary, the 2021 financial year was an exceptional year of achievement for IGO, highlights of which included: completion of the two major transactions to transform the company into a business uniquely exposed to the surge in demand for clean energy; excellent operating financial performance and strong shareholder returns; a sustained focus on organic growth through exploration and discovery; and a continued focus on the way in which our business interacts with and respects the needs for our people, our communities and the environment. This outstanding year of performance has come about through the exceptional effort that all of our people at IGO have put in, and I would like to recognize and thank the entire team for their contributions. In particular, I'd like to acknowledge our leadership team led by Peter Bradford. And Peter himself was recently recognized as the Mining News CEO of the Year for 2021. Two more acknowledgments before I close. Today, marks the last day on the Board for Peter Bilbe, who is retiring at the end of this meeting. You'll all know Peter, who has made an outstanding contribution to the IGO Board over 12 years, 10 of which he served as Chair. During his term on the Board, Peter's calm hand guided your company through a truly successful transformation, from a mid-tier multi-commodity mining company to the ASX 100 listed clean energy metals company that we are today. Peter, it's been an incredible pleasure serving with you on the Board for the last 11 months. And on behalf of the Board, the IGO team and shareholders past and present, we would really like to extend our sincere gratitude for your fantastic service to IGO. I would also like to acknowledge and thank all of IGO's business partners, contractors and suppliers for your contributions and express our appreciation and gratitude, of course, to all our shareholders for your continued support through what has been an incredibly successful year. Thank you and stay safe. I'd now like to invite our Managing Director and CEO, Peter Bradford, to provide a company update. At the end of Peter's presentation, all shareholders present will be given the opportunity to ask questions on Peter's presentation, my presentation or any other aspect of the company's business. Any questions received online regarding our presentations or the company's business will also be answered at that time.

Thank you, Mike, and good afternoon, everyone in the room and hello to everyone that's joining us online. It's a great pleasure to be here once again talking to you about IGO. And some of the ground that we'll cover will be similar to what Mike talked about, but I'll try and provide a little bit of extra color. There are some disclaimer slides at the end of the presentation. We also have a copy of the presentation available online, and I allow you to review that at your leisure. As Peter said, 2021 was truly a transformational year for IGO as we transition to be a company 100% focused on clean energy metals. And that didn't happen overnight. Now that happened over a passage of time. And along that journey since December 2017, since we pivoted the company towards clean energy metals, we've transformed our culture, we've transformed our ESG practices and how we transparently report those, and we have transformed our portfolio and our outlook for the business. This has been a deliberate, purpose-led strategy, and our purpose is making a difference. And underpinning our purpose is a high sense of care, careful people, both people in the business and people in the broader community that support and surround our business. Most importantly, it's about keeping our people safe and well. And it's, therefore, very gratifying to see these improving outcomes in the safety space as a result of the significant effort that we spend to improve the safe design of our workplaces, to improve our safety systems and to instill strong and safe behaviors. And this has put us in good stead through the last 18 months as we have, along with everyone else on the planet, worked our way through COVID-19. And through that journey, our focus has been on keeping our people safe, but also providing them the necessary support that they need, plus the support for their families and the support for the communities within who host our operations. Today, most of our focus goes towards continuing to encourage, to educate our people, to help and support them, so they can get their vaccinations, so that we, as a company and they as individuals, can comply with the government requirements around vaccinations for the Western Australian resources industry. Our culture helped support our response to COVID-19. And in fact, we saw our culture strengthened through that journey. And our diverse, inclusive and collaborative workforce, our people came closer together through that time. Today and going forward, our focus is on working with them and to continue to strengthen our culture to attract and retain the very best talent in the industry for IGO, and to ensure that those people who come with us on that journey, the time they spend with IGO is the highlight of their career. And that while they're with us, we continue to develop them so that they can be the very best that they can be. Care also underpins our approach to ESG, to sustainability and to decarbonization. And it's really gratifying to see the benefit of all the work we've put in since 2015 when we produced our first sustainability report and the continuous improvement that we have made to both the practices in the business, but also to the transparency of our reporting. And it's gratifying to see the global recognition that we've earned for what we do and how we transparently report it. Mike has talked to a number of those and they're set out on this slide. And just two days ago, we received the news that once again, for the third year in a row, we had been included in the Dow Jones Sustainability Australia Index, and for the first time, had been included in the Dow Jones Sustainability Asia Pacific Index. So a great outcome and great recognition for the IGO team. We recently produced our first -- sorry, our 2021 sustainability report. And in that, among other things, we talk to our continuing efforts to reduce our carbon intensity. And the first -- and to leverage off the first work we did in 2019, when we deployed the solar farm at Nova, and that makes us one of the lowest carbon intensity nickel producers on the planet. In our 2021 report, we talked to our ongoing program and the work we're doing to accelerate our carbon response. We talked to our commitment to understanding our Scope 3 emissions. We talk to our adoption of a carbon price, and that carbon price helps to continue to fund further programs to reduce our Scope 1 and 2 emissions, and also to invest in carbon removal and offset programs that we will deploy during the 2022 financial year. Our purpose, making a difference, underpins our strategy, and we articulate our strategy as our winning aspiration. Our aspiration is to be a globally relevant supplier of products that are critical to enabling clean energy to create a better planet. To do this, we produce a diverse suite of products, nickel, copper, cobalt, lithium, potentially others, and we make them safely, reliably, ethically and sustainably. We want to be connected to our customers, customer focus through -- and connected through vertical integration, not just to be an upstream miner. We are committed to being carbon neutral. And most of all, we are committed to our people, people who are bold, passionate, fearless and fun, a smarter, kinder, more innovative team. The delivery of our winning aspiration has evolved the portfolio we have today. Our two key assets at Nova and our lithium joint venture, comprising Greenbushes and Kwinana refinery and our portfolio of exploration projects across Australia. So let's spend a little bit of time on clean energy metals. And here, we regard any of the metals that are critical to enabling renewable energy generation, grid scale energy storage and electric vehicles, and all of the reticulation that's required to connect all of those together, we regard those as clean energy metals. And if you listened to the language coming out of COP26, if you pick up any paper any day of the week, there's a tidal wave of movement towards renewable energy and the electrification of transport. And what that's going to do is drive a disruptive demand for these metals that are required to make it happen, and you can pick up any forecast. This one here is from Bloomberg New Energy Finance, and they talk to a 5x increase in electric -- in lithium-ion batteries for electric vehicles between now and 2030. And as you would expect, if you increase the number of lithium-ion batteries by 5x, then you're going to get a 5x increase in the metals that go into those. And we see that with nickel and lithium. Both -- by 2030, both of those are going to need 5x more nickel -- 5x more lithium than we do today into lithium-ion batteries. And what that does is it puts tension on the supply/demand metrics. We're already seeing it now on the lithium side. By the midpoint of this decade, we're going to see it on the nickel side. But as an industry, globally, we're not supplying enough nickel and enough lithium to meet that future demand. And whenever you get that dynamic where there's an undersupply, you're going to continue to get price tension. And we remain very constructive as a business about prices for nickel and lithium through the medium to long term. So let's switch gears a little bit and talk to the 2021 financial year and the highlights there. Mike covered some of these in his presentation. Our transformation through the year with the investment in the lithium joint venture with Tianqi, coupled with the divestment of our stake in Tropicana as well our delivery of outstanding financial and operating performance, maintaining a strong balance sheet, building on our ESG credentials and being admitted to the ASX 100, great outcomes, a highly successful year, and everyone at IGO should be proud of what we have done together. Underpinning all that was Nova. And it's a great photo. It showcases -- puts the spotlight on just about the processing infrastructure at Nova. But you can see in the background, the box cut for the underground mine. You can see the shimmer of light on the tailings dam, and you can see the lights are right on the horizon from the accommodation complex. Nova, once again, has delivered outstanding performance. We beat guidance for all 3 metals: nickel, copper and cobalt. We also beat guidance on our cash costs. And we saw through the year, our cash costs continuously improved as we benefited from stronger byproduct metal pricing for copper and cobalt. On the production side through the year, we delivered relatively consistent production, but a good strong finish in the June quarter. Looking back over the years since our commercial production started at Nova in July 2017, we can see improving financial performance year after year, one set of records each year versus the previous. And in the FY '21, we delivered AUD 393 million of free cash flow from Nova, bringing our project to date free cash flow to just under AUD 1.1 billion. Looking ahead, the mine plan dictates lower grades this year and trailing years. And therefore, we're guiding towards softer production at Nova and marginally higher costs as set out on this slide. Recently, this month, we completed a transaction to acquire Silver Knight. And Silver Knights located about 35 kilometers northeast of Nova, discovered by Mark Creasy. And our plan here is to do the technical studies, do the permitting, develop Silver Knight as an open pit, and then be hauling that material as a satellite operation down to Nova, therefore, providing a marginal increase in mine life. More importantly, in our opinion, is the optionality that this purchase and this joint venture gives us with the opportunity to do further exploration to understand what else surrounds the Silver Knight deposit. So let's talk to the lithium joint venture. And before I move on, let's dwell a minute on this fantastic photograph, which really captures the enormity of the Greenbushes site. You can see the mining operations in the distance, the stockpiles and then the various processing infrastructure. A great photograph, and it's really a hidden gem in Western Australia. And the first time I went there was in 2020 when I went down as part of the due diligence trip. And I was just gobsmacked at the scale of the existing operation, but more so at the scale of what's planned with the expansion projects of -- at Greenbushes going forward. So with the lithium joint venture, we acquired an indirect 25% interest in Greenbushes, and it is the world's lowest cost, highest grade hard rock lithium mine. And we also got a 49% interest in the lithium refinery at Kwinana. And I'll talk to both of those in a bit more detail. So starting with Greenbushes, It's located about 2.5 hour's drive south of Perth and about just north of Bridgetown. Mining here has been going on for 130 years. So this is a well-established site. In fact, there was mining lease #1 for Western Australia, and they've been mining spodumene and processing that for about 20 years. So these guys, they're experts. And another great photo there showing a bird's eye view of the Greenbushes site. And you can make out the open pit operations, the drilling just to the east of that with the parallel Kapanga lens. And then you can see all of the processing plant infrastructure and associated facilities. I'll draw your attention to the top left-hand corner of the photo, CGP1 as chemical grade plant #1 and TGP, that's technical grade plant, and they've been running for a long time. Also CGP 2, just to the -- more towards the bottom right-hand corner. Now between CGP1 and CGP2, they have an installed capacity of about 1.2 million tonnes per annum of spodumene concentrate on a 100% basis. So that's a great starting point. But over the next -- over the coming years, we would expect 3 further expansions that's going to more than double production capacity at Greenbushes. So you can see the enormity of the site. Just a bit more detail on the timing for some of those CGP2, that second concentrator that I just talked to. That started commissioning in May. If the ramp-up is well progressed, and I would expect that, that's pretty much ramped up by the end of this quarter. Following closely on its heels is the Tailings Retreatment Plant. That's under construction, and we expect commissioning in early 2022. And then closely following that is CGP3, the third chemical grade plant, and a contract was recently awarded an EPCM contract to Lycopodium and we would expect that construction will start there in 2022. And longer term, there's the planned build of CGP4. So a lot of activity, a lot of brownfields expansion growth in front of us at Greenbushes. And once all that expansion is done, we'll still have a mine life of 20 years, so a fantastic asset. Turn switching to Kwinana, the Kwinana refinery. As this name implies, it's located in Kwinana, so about 30 minutes south of our office in South Perth. And this is the first facility of its kind in Australia, the first lithium hydroxide facility. And here, we'll take spodumene concentrate from Greenbushes, will put into Kwinana, will produce battery grade lithium hydroxide, and we'll sell that into established customers in South Korea and in Europe. A little bit of commentary on the current status. There's two trains at Kwinana, and you can just sort of make out the start of the Train I there. You see the -- what's called the pyrometallurgical end with red and the blue cylinders. And then beyond that, off the right-hand side of the slide in the background is hydromet and where you've got the dissolution, the refining and then the crystallization and bagging of the lithium hydroxide. And then sneaking in on the left-hand side of the photograph is the red and the blue cylinders for the start of the Train II. Train I's commissioning, we expect to produce the first chemical grade product this quarter and be producing battery-grade product by March. The focus is very much on quality. Once we get the quality right, we focus on the volume. And then once we've done that, then we start ramping up to full production through 2022. In parallel, we'll be commissioning 3 byproduct streams, producing an aluminum silicate, a -- and sodium sulfate. And the plan here is to make -- convert as much of the waste in the product as we can and that pretty much make Kwinana refinery have no waste footprint, and that will be a great outcome. Later on, going forward, we would expect to recommence construction attribute on Train II and with that activity starting again in 2022. And then longer term, there's conceptual plans for 2 more trains, Train III and Train IV, which will be built on land adjacent to Train I and II in the future. A couple of short words on Tropicana, probably the last time we get to talk about Tropicana and because obviously, we sold that during the year to -- resources, and that completed our transformation to become 100% focused on clean energy. But up to that point, in May, when we did sell it, it delivered to guidance, both production and costs. And the sale reflected the end of what's been a very successful collaboration for IGO with AngloGold Ashanti, and we wish them and their new partner all the very best for the future. Our strong operating results have meant that we've ended up with strong financial results Mike touched on these. But what you didn't get in that is just how those results have strengthened over the last 6 years. Every year, on our key financial metrics, we've generated one successive record after another, and we finished FY '21 with AUD 529 million in cash, no debt and a AUD 450 million undrawn debt facility. Great outcome. That's allowed us to continue to pay dividends to our shareholders, myself included, and IGO as a company has been paying dividends since 2005. We paid a AUD 0.10 dividend as a final dividend for FY '21, and that was in line with our capital allocation framework, where we return 15% to 25% of free cash flow to shareholders. The rest, we invest in growth and into a stronger balance sheet. Before winding up the short presentation, I just want to talk quickly to our enduring commitment to exploration and the sort of projects we target. We have a portfolio of belt-scale projects in Australia and in Greenland. Our focus is on high-value magmatic, nickel, copper, sulfide deposits and high-value sediment-hosted copper deposits. Our commitment this year, once again, is AUD 65 million and the lion's share of that goes into exploration near Nova and on the Fraser Range as well as our emerging projects on the Paterson. Talking to a couple of those briefly. Near Nova, we continue to get very encouraging results from our drill rep over a number of projects shown here in the orange tiles, but we point out Orion and Chimera where we're intersecting the right geology, we're intersecting the right evidence of mineralizing processes, and we're seeing disseminated to blebby that's like thumb size, bits of nickel and copper sulfide mineralization. That's giving us the encouragement to keep looking, and we remain highly constructive, optimistic about driving discovery in the future. Similarly, on the Fraser Range, this is a highly fertile environment. There's been 3 discoveries now at Nova, at Silver Knight, at Mawson. We have a 12,000 square kilometer landholding, over 400 kilometers of strike. We've done all the hard work with the regional exploration to collect geochem and geophysics. We're now doing the fun stuff where we're drill testing targets. And we were doing that last year. We'll be doing it again this year with the goal of driving our discovery. In the Paterson, this is a great province. This is elephant country, home to past discoveries like Telfer, Nifty, Havieron, Winu, and we're obviously there hunting for sediment-hosted copper deposits. This year, we've gone back to the drawing board, clean sheet of paper, and we're using the very best science and technology available to us to capture new information, new geological, new geochemical, new geophysical information that -- we'll use that to target. And then in FY '23, we'll be following up on those targets. So thank you very much for persevering through the presentation. I just want to finish with a short summary of what we'll be focusing on in FY '22. And of course, the big one is bringing our lithium JV assets to account, while also continuing to deliver operational excellence at Nova and to continue unlocking value through exploration and discovery. In parallel with all of that, we'll continue to invest in our people, to invest in ESG and decarbonization and to continue to look for that next growth opportunity. Thank you very much, everyone. I look forward to having a more informal conversation with people in the room at the end of the formal proceedings. Thank you.

Thanks, Peter. I think everyone can get a strong sense of better passion for the business through that. I'd now like to invite shareholder questions on any aspect of the company's business, including the matters set out in Peter Bradford's presentation. Could I ask that any questions, relating specifically to the resolutions, put to the Board during the formal part of the meeting in a little while. For those in attendance, if you wish to ask a question, please raise your hand and wait for the microphone to be given to you. Then if we can ask you to please state your name for the record and whether you're a shareholder or if a proxy holder, which shareholder are you representing. We'll then address the questions received by the Lumi online platform. Joanne, can I ask you to go ahead and manage the questions in the room first.

Mr. Chairman, our first question from the floor. Please go ahead.

Thank you. My question is about the Greenbushes. We know the Greenbushes is concrete offtake by Tianqi. And how often that they set the price, let's say, quarterly set price or half yearly set price?

Thank you for that question.

Thank you for the question. I'll answer it, if you like, Mike.

Please.

Great question. And so with our Greenbushes, it's a closed ecosystem. So any spodumene that's produced goes to the shareholders of Greenbushes. So at the moment, that's the Tianqi-IGO joint venture and also Albemarle. So we take what part of our share that we can take through the Kwinana, we take that. And any excess, the Tianqi-IGO joint venture then sells on to Tianqi, and they process that in their plants in China. So if we build enough capacity at Kwinana, to take 100% of our allotment, then none would make its way to China. The reality is we'll always have an excess amount that will continue to go to China. At the Greenbushes level, set into the shareholders' agreement is a pricing structure that we set twice a year. So what that pricing structure does is it looks at the reference benchmarks in the market, and there's 3 that are used. And a reference benchmark would be something like fast markets, and that's averaged over a 3 months period. And then that price is applied to the next 6 months period. So that's done twice annually. So during this period we're in now, we're operating on prices that were prevailed in April, May, June. When we start January, the March quarter, we will be getting prices, which are set by the benchmarks for October, November, December. Does that help?

Okay. So we know that now the lithium [indiscernible] is very [indiscernible]. The [indiscernible] USD 2,400. So how about -- so Greenbushes -- okay, sale price in the next year, next quarter, have you decided the price already or not?

It will be decided by the outcome of the benchmark prices for October, November, December. So...

So can you give me some -- exactly that the price is -- we have the same as another money -- [indiscernible] company or is the lower or higher or same?

Broadly, most suppliers are providing in the contracts and there's very small amount of product goes into the spot market. And the tightness of supply means that the spot market prices remain quite high. But happens with those spot prices is they tend to inform the benchmark prices and then the benchmark prices inform the contracted prices. So you get a bit of a trailing or lag impact that ultimately, the contact prices catch up to the spot market. I mean, if there was ever to be a dip in prices in, then the same lag effect would occur and you'd get stronger prices under contract for longer.

So another question, [indiscernible] Greenbushes. Is that [indiscernible] CGP2, the annual production [indiscernible] near the [ 1.5 million tonnes ]. But -- okay the last quarter report from IGO is only -- shows Greenbushes only produced [ 250,000 tonnes ] [indiscernible]. So when Greenbushes can get to that maximal production capacity?

Yes, sure. So as we had on the slides earlier, we have a current installed capacity for chemical grade product, but that's about 1.2 million tonne per annum. And once CGP2 is fully ramped up, is going to be sort of near term, we will be producing at that rate. In addition to that, we produce around 130,000 to 150,000 tonnes per annum of technical-grade product, which is sold to specialist markets in the ceramics area. The next step of production will be in the first 6 months of 2022 when we start to get the benefit from the tailings retreatment plant and that will add another 300,000 tonnes per annum.

Okay. So the Greenbushes production you said will be used -- as you shared, will be used for the Kwinana factory. But okay, it's like the factory is having [Tianqi]. It's maybe next -- end of the next year is kind -- the production will be optic still by Tianqi and [ ALB ].

So each of the owners of Greenbushes take their share. So Albermale takes this year and Tianqi IGO take their share. into the joint venture. We're using some of that product at Kwinana today, and there's a warehouse down there full of spodumene and with continuing deliveries. And as we commission and ramp up and reach quality at Kwinana, we'll be taking more and more product. Any excess goes to Tianqi in China, and we sell that at the same transfer price that we pay to Greenbushes.

Okay. So another question is about Kwinana. Is in the last year, as you said, the Kwinana went -- okay, finished the hydroxide they will be [indiscernible] down the [indiscernible]. It's only about $8,000 is last year, how about now? Why is Kwinana can become a [indiscernible] of the world. It's because of Greenbushes, their cost is [indiscernible] or...

So that's the cost of the lithium hydroxide. Yes, yes, yes. And the cost is -- comprises 2 elements. One is the cost of buying the spodumene concentrate and the other is the cost of converting the spodumene concentrate into lithium hydroxide. So when we announced the transaction, I think we said that long-term costs for Kwinana, including both of those elements was going to be between $7,200 and $8,000 per tonne or thereabouts. And as the cost of the spodumene increases, that's going to increase the price of the feedstock. So it's going to always be inflating the overall cost of operating Kwinana. The conversion cost plus/minus, is always going to be about the same, but the cost of the feedstock will go up and down depending on the spodumene price.

So when we pay for $1.5 billion to Tianqi [indiscernible] by Greenbush and Kwinana, is Tianqi, they said they used $1.2 billion to pay for the debt and another $200 million to be used for the Kwinana factory. What is that just $200 million is used for the Train 1 or Train 2? Do we still need to invest the money on -- because the Train 1 is in there, is finished. [indiscernible] invest money on Train 1 or Train 2?

So the way I understood the question was more about the cost of continuing to develop Kwinana?

Yes. Yes. Like how much we still need to [indiscernible].

So with Train 1, that's obviously in commissioning. So there's a cost goes into the commissioning, which is building the working capital, but also doing any rectification or design changes along the journey. And when we announced the transaction in December, we talked to about a cost for that of around $40 million. And then on top of that, there's a cost of completing the construction of Train 2. And when we announced the transaction, we talked to our cost, it was around the AUD 260 million, AUD 270 million. I think in the announcement, we talked about USD 190 million, so about AUD 250 million, AUD 260 million, Scott will do the math. So that's staffed to be invested. So IGO will pay its share of that, 49% and Tianqi pay its share of that 51%. Most likely the funding will be generated internally because we'll be getting dividends up from Greenbushes, we'll be starting to generate some revenue from Train 1 lithium hydroxide, and we therefore don't expect that IGO needs to put any money in at all because we'll be generating that funding internally.

Mr. Chairman, we have our next question. Please go ahead.

Thank you. Chairman. First of all, I'd like to refer to your comments about Peter Bradford being awarded Mining Chairman of the Year by the technical press, I'm not quite sure which publication it was, but I'd like shareholders to join with me in a round of applause to thank -- to congratulate Peter for that achievement.

Yes. Normally, you embarrass me by asking a hard question.

And also while we're at it, I think perhaps it would be appropriate to recognize Peter Bilbe's contribution for at least 10 years. I'm not sure quite how many it was Peter chairing the company and the achievements that have been made during that period. And I'd like shareholders to again thank join with me in thanking Peter for his work in that regard. My first question is an easy one. I guess Western areas, can you confirm that your financial intermediaries are in the negotiation with Western Areas' financial intermediaries in looking at the deal.

Look, we've said pretty much all we can say about that, as I think you'll understand, we announced that we're in due diligence and we haven't announced anything different. So it's better assume that the process is continuing.

Okay. I guess I'm not going to get any more out of anybody question, but I think we're all anxious to hear. Is it likely to be long before we get an answer on that?

Again, we're just -- just -- I think you'll well and truly understand that we're just not able to make any comment whatsoever on that beyond what's already been said in the public domain [indiscernible] that's just how it is.

I'm not sure -- I didn't mention I'm John Campbell, and I'm representing Australian Shareholders. I'm afraid we've got a fairly meager level of proxies, just 30 shareholders. It's disappointing you when we get in the thousands in some other companies that we monitor in WA. But I dare say that will grow as the years go by. But my other question would be in relation to Tianqi and whether you're getting the level of support in the joint venture as a junior partner in it perhaps a small margin. Whether you're getting the level of support from Tianqi in China that you'd expected when you went into the arrangement.

Look, I'll say something about that, but I will ask Peter to comment as well as he has the primary day-to-day interaction of Tianqi. I mean, always as a non majority holder, the important thing is that the protections in the agreements are strong. But more important than that even is that the relationship is strong and the 2 partners want to move forward on with the business. And certainly, from the interactions that the Board has had and that includes meeting the Tianqi CEO, and discussing in general, the future of the business. We think there's a very strong relationship. And secondly, as announced in a lot of the detail announced last December when the transaction was announced, we have good minority protections. But we're very excited about working with Tianqi. We think there's a lot of value still to come even beyond the organic growth that's inherent in the both Greenbushes and Kwinana. Peter, you might want to make some more comments on that as well.

Yes, certainly. Thanks, Mike. Both Greenbushes and Kwinana have strong independent management teams that take care of the day-to-day operations. And they're all teams that have been recruited largely in Australia. And then at a Greenbushes level, we have a Board of Directors. I'm on the Board of Directors, there's a representative from Tianqi, and there's also 2 from Albermale and the relationship and the collaboration there has been really good. I'm blessed in being in a great position of being able to just take a 2.5-hour drive and be at Greenbushes. And for the Tianqi team and the Albemarle team, that's really challenging for them at the moment. So during the September quarter, I was able to spend a week there, really getting into the weeds of the operation. that was really good. And I'm impressed with the quality of the team at Greenbushes and their capacity to deliver the operating goals, but also to deliver the expansion projects. A similar sort of thing at Kwinana, -- That's growing as a strong team at Kwinana, We've been employing new people to flesh out the complement of people to the full design numbers. It's a challenging environment to do that. But this is something new that resonates with people in Western Australia. So we find quite a lot of demand for the jobs. And again, here, we're collaborating with Tianqi largely through the Board. And again, we get the benefit of just taking a 30-minute drive down to Kwinana and being able to contact or interact with the team on a regular basis. We have regular interactions with the Tianqi China team. And as Mike said, we see their CEO here very often. I think he spent more days in quarantine this year than he has out of quarantine, but that just shows his commitment to being there and understanding the assets on a regular basis.

Chairman, we have another question from the floor. Please go ahead.

[ Anne Prior ] proxy for the Intrepid Superannuation Fund. Can I ask, please, what is the outlook for the dividend this financial year and next. I seem to have bad memories from the time when you took over Sirius and the dividend stream was pathetic. So would you please comment on how you see the dividend flow?

Thank you. And for that question, we -- what we can say about the coming year as you've seen our guidance, and we've seen our views on prices. So we're expecting it to be a strong year. We announced our revised dividend policy recently in a part of our capital management project, which is to generally look to giving 15% to 25% of free cash flow back to shareholders. The Board is fully -- as part of that dividend policy is fully enabled to look at higher percentages when liquidity is greater than $500,000. So that's the dividend. Obviously, we can't give you guidance on the dividend for this year, but we can say that, that the Board will look very hard at that policy. And as a general point, we'll look to continue to pay dividends. Obviously, it has to be balanced with the needs of the company from the growth opportunities that we see.

And the dynamic when we acquired Sirius was that we needed to invest capital into the build of Nova. This time around, the dynamics are a little bit different because the capital required for the continuing build at Greenbushes and at Kwinana is self-funding. And at the prices we're getting today, there's going to be excess capital that dividends up to IGO from the lithium business. So we don't think we have the same dynamic as what we experienced immediately following the Sirius transaction.

Mr. Chairman, we have another question from the floor.

Chairman. My name is [ Jeff Coric ]. I'm a shareholder. You've mentioned that the -- what's the word, the diversity of the Board is well managed with something like 37% female representation. And I noticed on your question slide, it looks to me as if 50% of your staff are female. I'm just wondering though other mining companies reported a real problem in getting a diverse workforce. And I wonder if you would like to just comment on whether that's proving a difficulty for IGO.

Thank you, Jeff. Look, I think the photos are good, but we're running at about, I think, in the high 20s, 28% roughly overall as employment, which is pretty good compared to our peers. And I think from the Board's point of view, what we really look for is to encourage the company and management to drive the culture and the value set that means that we become an employer of choice for all employees, but in particular for people who come from diverse backgrounds to diverse gender, et cetera. And so that's the -- that's, I think, the primary driver of how to improve diversity. I think we're doing well. I think we've always got more to go on that front. Peter, would you like to add anything?

Or perhaps to give greater color. If we ask Sam Retallack, our Head of People and Culture, to perhaps say a few words.

Yes. Thanks. I think we started the diversity journey quite a long time ago. And we have employed a range of tactics across the business. We were quite an early mover with paid parental leave and a range of things that support a range of people in the workplace, including working from home and those kinds of things that actually support greater participation. So we're at just over 27% female at the moment and 4.2% average [indiscernible] but that started some time ago. So it's not easy, at all. But we look at it across a really multidimensional range of factors to influence more at the same time. So it's tough.

Mr. Chairman. As there are no further questions from the floor, and there have been no questions received via the online platform. I now hand back to you.

Thanks, Joanne, and thanks, everyone, in the room for those questions. We'll now move to the formal part of IGO's Annual General Meeting. I advise, firstly, Mr. Phillip Murdoch from BDO, the company's auditor is present today in the room and will be available to answer questions on the financial statements, the conduct of the audit and the auditor's report, if required. We've received valid proxy appointments representing just over about 543 million shares or just under 72% of securities on issue for the resolutions to be considered today. The proxies received are held by Computershare and are available in the room for inspection. I advise that as Chair of the meeting, I intend to vote all available proxies in favor of each resolution. Details of the proxy numbers for each resolution will be displayed on the screen as the resolutions are put to the meeting. The notice of meeting was lodged with the ASX on the 15th of October this year and has been made available to all shareholders. For the purpose of today's meeting, I'll take the notice of meeting as read. The first item of ordinary business is the tabling of the financial reports and the directors and auditors reports for the year ended 30 June 2021. Copies of the annual financial statements are available at the meeting today and can be viewed on the company's website. A copy has been sent to all shareholders who requested one. There's no voting on this item, but I do now invite shareholders and their proxies to comment or ask questions on the reports. I would also ask that questions on any other items of business be deferred until we come to that particular item. If there are any questions of the Board on the audited annual financial statements or reports, and are there any questions of the auditor on the auditor's report, the conduct of the audit, the independence of the auditor or the company's accounting policies? Joanne once again, I would ask you in the room to go ahead and manage the questions.

Mr. Chairman as there are no questions from the floor, and there have been no questions received via the online platform. I now hand back to you.

Thanks. So I'll now move on to the resolutions. To help manage a slight time delay for those following the meeting online. I'll read out all 4 resolutions first and then take questions on any of the resolutions at the end. The next item of business noted as resolution 1 is the reelection of Mr. Keith Spence as a Director. Mr. Spence joined the Board as a Non-Executive Director in December 2014. Mr. Spence, having been appointed as a Director at the 2018 Annual General Meeting, retires in accordance with the constitution and being eligible, offers himself for reelection. Before I put the resolution to the meeting, I would like to invite Keith who's present in Perth to say a few words to the meeting.

Thank you, Mike. Look, as Mike said, I joined the IGO Board back in December 2014. And so if reelected, this would be my third term on the board. I have 40 years of experience in the oil and gas industry, both in Australia and internationally. As a geologist and geophysicist by training, I have a fairly strong technical bent and interest in technology and innovation. And I think that's quite an important thing that I bring to the Board. But I also have a deep experience in exploration admittedly oil and gas and minerals, deep experience in exploration appraisal development project, building projects and executing projects, operations, marketing and also in commercial M&A. So I think that's all very relevant to IGO's business. I retired from Woodside in 2008 after 14 years in senior executive positions and where I acted as Chief Executive Officer for a period and also as Chief Operating Officer for quite some time. Since then, I've served as a Nonexecutive Director on boards and also as Chair for very diverse companies. I worked in the energy space, in the renewable energy space, particularly in oil and gas, but in mining, in engineering and in contracting services. So quite I'm quite diverse there, construction services. I'm very passionate about health, safety and the environment. And I think I have a lot of experience there that I bring as well. For example, I Chaired the National Offshore Petroleum Safety and Environmental Management Authority, which oversees Australia's offshore oil and gas industry. More recently, I've been heavily involved in ESG activities, particularly carbon emissions reduction strategies, and low-carbon energy transition planning. And I think this is very relevant to the decarbonization of IGO, but also important in understanding the various low-emissions technologies that will compete with batteries in the future energy market. I currently Chair the board of Santos and Base Resources Limited, but I'll be retiring from the Base Resources Board on the 26th of November. So I have the expertise and I have the capacity to serve you as shareholders of IGO on the Board, and I'm very keen to do so. Thank you.

Thanks, Keith. So I'd now like to go ahead and put the following resolution as an ordinary resolution, that Mr. Keith Spence be reelected as a Director of the company. The next resolution deals with my election. And therefore, I'm going to pass the chair to Mr. Peter Bilbe, who his contribution to IGO continues right up to the last minute. Before I do that, I'd like to talk to the skills and experience that I bring to the Board. I'm proud to have worked in the mining industry for the last 35 years or so. My executive career included working for a range of companies from junior explorers to major international producers, most recently from MG Limited and Newcrest Mining, where I retired from as Chief Development Officer in March last year. My experience spans a range of commodities, including gold, industrial minerals and base metals, and I've worked on a large number of mines and projects internationally across all 6 continents. My focus was most often in the areas of strategy and business development and exploration. And I feel that's well matched to IGO's future challenges as we continue to deliver on our growth strategy. Over my time in the industry, I've seen significant change, particularly in the areas of environment, social and governance matters, in which I've developed a strong interest. I'm therefore very pleased to be putting myself forward for election to the Board of IGO. Thank you. I'll now hand over to Peter Bilbe.

Thank you, Mike. The next item of business noted as Resolution 2 is the election of Mr. Michael Nossal as a Director. Mr. Nossal joined the Board as a Nonexecutive Director in December 2020 and transition to the role of Chair in July 2021. Having been appointed since the last Annual General Meeting, Mr. Nossal retires, and offers himself for election as a director of the company. I put the following resolution as an ordinary resolution that Mr. Michael Nossal be elected as a director. I will now pass the chair back to Mike.

Thanks, Peter. The next item of business is resolution 3, the election of Xiaoping Yang as a Director. Ms. Yang joined the Board as a Non-Executive Director in December 2020, having been appointed since the last Annual General Meeting, Ms. Yang retires and offers herself for election as a director of the company. Before I read the resolution, I would like to invite Xiaoping to address the meeting. Please go ahead.

Thank you, Mr. Chairman. It is my pleasure to attend this AGM, and thank you for the opportunity to make a brief introduction. Born and raised in China, I then moved to the U.S. for advanced education, worked there for 18 years before returning back to China, taking various executive assignments for 16 years. Recently, returning back to the U.S. In addition to complete mega joint venture projects with Chinese partners, from construction, commissioning to start up, I have extensive working experiences in technology development, downstream operations, sales marketing, ESG governance and the strategic business development in Asia. It has been my honor serving as a Board Director of IGO for the past 11 months, and I hope to continue to contribute my experiences and skills to the IGO Board for coming years. Now I hand back to you, Mr. Chairman. Thank you.

Thanks, Xiaoping. I'd like to therefore go ahead and put the following resolution as an ordinary resolution that Ms. Xiaoping Yang be elected as a Director of the company. The next item of business noted Resolution 4 is the adoption of the remuneration report, which can be found on Pages 48 to 72 of the company's annual report. This is a nonbinding vote to enable shareholders to voice their opinions on matters in the report. I put the following resolution as an ordinary resolution. That the remuneration report for the year ended 30 June 2021, which is contained in the annual report for the year ended 30 June 2021 be adopted. The next item of business is Resolution 5 is the authority to issue service rights to Mr. Peter Bradford, as explained in some detail on Pages 14 to 17 in the notice of meeting. I put the following resolution as an ordinary resolution, that for the purposes of ASX Listing Rule 10.14 and all other purposes, approval be given to grant 44,892 service rights to Mr. Peter Bradford in respect of the settlement of the deferred component of the FY '21 short-term incentive on the terms described in the explanatory memorandum accompanying the notice of meeting. The next item of business, noted as Resolution 6 is the authority to issue performance rights to Mr. Peter Bradford, as explained in Pages 17 to 23 of the notice of meeting. I put the following resolution as an ordinary resolution, that for the purposes of the ASX Listing Rule 10.14 and all other purposes, approval be given to grant 106,724 performance rights to Mr. Peter Bradford in respect of the 3-year measurement period being the first of July 2021 to the 30th of June 2024 on the terms described in the explanatory memorandum accompanying the notice of meeting. The next item of business noted as resolution 7 is the amendment of terms of performance rights as explained in Pages 23 to 26 of the notice of meeting. I put the following resolution as an ordinary resolution that pursuant to Listing rule 6.23.4 and all other purposes, approval be given to the company to amend the terms of 1,666,982 performance rights previously issued in accordance with the plan for the 2020 and 2021 financial years, on the terms and conditions set out in the explanatory statement. I would now like to invite questions or discussions on any of the resolutions put to the meeting. Joanne, once again, can I ask you to go ahead and manage your questions in the room in Perth.

Mr. Chairman, we have our first question from the floor.

John Campbell, again, from Australian Shareholders. I guess that our vote against the remuneration report was also mirrored by a number of your institutional investors who have such a large vote against. I think I worked out on my mental arithmetic about 13%. So you escape a strike, but it's still a fairly significant vote against. And I'd ask you to reconsider aspects of the remuneration plan for next year. Our first concern is with the discretionary payments that you authorized. They were cash payments. They were not in a normal form of 50% shares, 50% cash, you topped up the scoreboard for the KMP, the key management personnel, by about 750,000 by ignoring any shortfalls that they would otherwise have suffered in relation to the short-term bonus. You also gave a $3 million bonus to the people involved in the transformational transactions. I agree that they are transformational, but from a shareholder perspective, we yet to see the benefit of the Tianqi. So there's a question mark in shareholders' minds as to how transformational it will be. Our second major concern is with the long-term incentive, which you have a 3-year appraisal period, whereas I think I've meant right in saying that most companies in the ASX 100 group would have a 4-year appraisal period. And I think it's time that you reconsidered that. Basically, our concern is that your remuneration structure should be designed to accommodate both a target of performance by your executives and also to accommodate their outperformance as well. And therefore, I would like you to consider whether it wouldn't be a good idea to adopt the philosophy that a lot of companies adopt where they have a target level of remuneration and also a maximum potential level above that. But one way or the other, we don't want to see these discretionary payments, and I urge you to avoid those in the future.

Thanks, John. And look, we hear and we respect your views, I can assure you that the Board will continue to look at the remuneration structure in the remuneration quantums for each of the senior executives, the key management personnel and take into account that fine balance between attracting the absolute best people to work for the company and the interest of the shareholders. What I would say about the discretionary payment, though, is you would take on notice your comment regarding that but we would point back to the -- my presentation and Peter's presentation and the fairly extraordinary year that has happened and the achievements of that year and all the while, while managing the difficult impacts of the pandemic and all the effects of pandemic hat. So when we weigh all that up together, we did think there was some justification I think we agree with you that it's not something to be considered lightly and not something we assume would happen every year by any means. I think the other comment that I would make in terms of the Chase transaction is while there's still a large amount of organic growth, and we're starting to see -- and we'll start to see this financial year, the financial impact of the investment come through. I think shareholders have probably already enjoyed a significant benefit from the transaction, particularly, if you look at the headline price of the assets and what the analyst consensus valuation of those assets now looks like and some of that being obviously reflected in the very good share price performance. I think that's probably -- unless there's a specific further question, that's probably enough comment on -- sorry, Debra, would you like to make some additional comments on behalf of the Remuneration Committee?

Yes. Thank you very much, Mike. I speak as the Chair of the Remuneration Committee, People and Performance Committee that is. Just to mention on that, we have actually recently restructured the performance measures, particularly the STIs in terms of the threshold performance, the target performance and a stretch target. So your point is very well taken. It was very deeply considered by the Board in awarding of the discretionary sums. But in doing that, we also did make the decision to change the structure for this coming year. So just wanted to make that one clear.

Are there any further questions from the floor? Mr. Chairman, as there are no further questions from the floor, and there have been no questions received via the online platform. I now hand back to you.

Thanks, Joanne. So there being no further questions on the resolution. What I'd ask everyone to do now is complete their poll voting, as previously explained. I'll shortly close the online voting system. So please ensure that you have cast your vote on all resolutions. I'll now pause for a few moments to allow time to finalize those votes. Rod Somes from Computershare will now walk around the room and collect the green voting cards. Should you require any assistance whatsoever on the voting process, please raise your hand. [Voting]

Mr. Chairman, I've collected all the voting cards and the poll has now been finished. Thank you.

Thanks very much, Rod. So with voting now closed, I would now formally declare the poll has closed. So ladies and gentlemen, that concludes the formal business of today's meeting. and I officially declare the meeting closed. As I mentioned earlier, the results of the poll will be lodged on the ASX platform later this afternoon and on our company website. I would like to take this opportunity to thank shareholders for their continued support of the company during the year, and thank you again for your attendance, both in person and online today. For those of you who are attending in person in Perth, please join the Board and management team present for some refreshments. Thanks very much, and goodbye.