Metro Mining Limited (6ME.F) Q4 FY2025 Earnings Call Transcript & Summary

Good afternoon, everybody, and thank you for joining us. We have the quarterly activities report webinar from Metro Mining today to be reported by CEO, Mr. Simon Wensley; and the CFO, Nathan Quinlin. Simon will give us a good rundown on the activities and achievements over the last quarter and an outlook on the future. We have a video to which we'd like to share with you, which we'll be sending some details for you at the end of this video. So I'm going to hand over now to Simon, and we'll have some questions at the end.

Yes. Thanks, Peter. Good morning or good afternoon, wherever you are. Thank you very much for joining us. Yes, we've -- were able to publish our quarterly report this morning. I will share that on the screen so that we can -- I can run through some of the highlights. Okay. Well, hopefully, you can see that. So obviously, our fourth quarter is the end of our financial year as well. So we're able to sort of bring 2025 to an end and summarize that as well. Look, we're able to ship just under 2.1 million tonnes in the fourth quarter. That takes our total for the year to roughly 6.2 million wet metric tonnes of shipments for the year. I describe that as a solid outcome. It's been another record output from Metro from the Bauxite Hills mine, roughly just over 9% up on 2024. So look, another stepping stone on our way to the full realization of our expanded capacity. So look, the -- I say solid result. I mean, I think we were certainly hoping for a little bit more. We planned on another 2 vessels to -- from the beginning of the quarter from when we spoke at the end of Q3. We were planning roughly around that 2.3 to 2.4 million for this quarter. Look, we did have some maintenance issues at the barge loading facility in October and that we have reassessed our guidance at that point. And then, look, things -- we've been managing some mining and stripping issues, which we had to throw some additional costs at during October and November. That was successful, and we were able to bring the pre-stripping and work back up. This has been partly about moving into a new mining area where we were getting some slightly different outcomes from a yield point of view than we had originally planned. And we'd also indeed sort of were managing some grade issues for some of the different contracts, which were still outstanding. So look, I think that's been the -- that's been certainly an outcome that we've been working on and been able to get our arms around in this last quarter. And then we've sort of had to curtail shipping around the 23rd of December. And so that was due to a vessel that had been delayed by weather in North China. And then when it arrived, unfortunately, the monsoon season had already set in. So last year, we benefited from a late monsoon season. So it was sort of third or fourth week of January where that sets in -- where that set in last year and this year, it's been a rather early one. So we considered -- we waited for a couple of weeks to see whether the weather would give us a break, but that didn't turn out to be the case. And so with the agreement of the owners and customer, we have deferred that vessel to be shipped in the operating season when we restart. So it's still -- the vessel is still in the schedule. So like I said, yes, a solid outcome. From a pricing and contracting point of view, this quarter was a slightly cleaner quarter in terms of being able to sort of look through -- we had a larger number of CIF contracts, and they were all negotiated under market conditions. And so you can see a pretty good look through to the market price that we're able to achieve with the Metro product. So that was just under AUD 74 per wet tonne. Normally, we would just have freight and a number of other small adjustments to come off that, roughly about $13, $14 a tonne, and that would normally show what our FOB netback would look like. The -- as we explained in the last quarter, we did take out a 3 million tonne contract in 2022 to -- which was under fixed prices. That was to underpin the lending that we took out. The lenders were looking for some certainty for forward-looking price. And I guess it's always a bit of a coin toss at that point as to whether you're doing the right thing with respect to the market. But irrespective of that, that did enable us to get those -- that lending in place. As it turned out, the market has continued to run since then and those prices have been out of the market. And you can see the impact there as we saw last quarter of the FOB netback prices being hit quite badly by those legacy contracts. Now that's the bad news. But the good news is that we've effectively finished that contract. We've got one more cargo to deliver sometime in Q2 of this year, but that means that they're all done and dusted. So we're back to pretty much market pricing. I mean, all said and done, that means we've ended the year just under $60 million in cash on hand. And I think that's -- again, even with those legacy contracts playing a big role in Q3 and Q4 that we've been able to still end the year quite close to net cash. Our debt payments have continued through Q4, and we're sort of just over now Aussie dollar equivalent of sort of AUD 62 million in senior debt left to repay. And so that's been certainly one of our targets for this year was to get pretty close to that. So that's where we've ended up. So really, just to wrap up 2025. I mean, I think it's been, as I said, a solid year stepping stone. And what I see, if I look at -- if I sort of jump straight to the -- I guess, the table on financial outcomes is what I see is huge opportunity. And that's where we're at, at the moment. With those legacy contracts gone, our FOB price will benefit significantly from that in 2026. Our freight costs are largely fixed, as we've mentioned before, we took those out. And that's been a good move. The spot freight market has pretty much been USD 1, USD 2, USD 3 above our freight positions through last year, and then we expect that to be similar this year. So that's been a good move to lock those in. So you can basically predict what those are going to look like. And as I said, around that $13 to $14 of differential between CIF and FOB. Site costs suffered from the lack of the volume. So the unit cost, obviously, we've got a very high fixed cost base up at Skardon River just from its remote location, what we have to do up there. So obviously, when we don't produce up to that top end, so about 10% below where we were hoping to be in Q4. That does hit the cost line, and you can see that happening in that cost line. There, we would normally expect to be in the low 20s if we were producing at sort of that 2.3 million, 2.4 million tonnes for the quarter. And we've had a bit of a royalty timing difference, which has added $1 to $2 in there versus last quarter, which, again, that's just based around the accruals and revenues from the accrual for the state royalty. So that's not a continuing factor. So when I look at that sheet, and we've still been able to produce double-digit EBITDA margins with all of those things. I mean, what I see for 2026 is a firm intention for us to meet our strategic target from the realizing our expansion. That is also going to be met in a way that we've gone back and looked over the last 2 or 3 years, what has kind of been impacting us from a reliability and ability to meet our run rates. I think we've mitigated and we talk a bit about that in the report, all of the things that we've been doing to deal with those issues from indeed maintenance, a new maintenance structure, a new approach to critical spares and to preventative maintenance and indeed, things like the channel collapsing in the first half of last year, the mid-season bed leveling, we got an external contractor in to widen that channel. So we've already widened it from 60 to 70 meters. That gives us a 5-meter sort of leeway on either side should that -- should the side start to slump again and our intention in the beginning of this year is to take that over to 80 meters. So a 10-meter margin of error on either side, should we sort of get that the same thing happening again. So trying to mitigate against some of the things that have been hitting us. And indeed, that bed leveling, we may even sort of seek to go towards our limit. So we can bring that channel down to sort of 2 meters if we get the opportunity. So that would extend our operating window every day and allow more tonnes on each barge on average as well. So these are the things that are going to be underpinning our work in 2026. So as I said, we're already looking forward to that for 2026. Part of that's been also around resetting the structure internally. So it's been a bit of -- brought a very experienced operating executive General Manager in to run the whole of the site, and we've moved some other responsibilities around. So we haven't added that. That's not an increase in management headcount, but just effectively some changes there. Paul Green is very experienced operating GM, worked up and down the East Coast of Australia, coal sites and metalliferous sites and also been involved in large change management programs. And so bringing him in is a good win. And indeed, we've also added Troy McMillan as our Director of HR and People and Organization. So that is certainly another strength to our bow there. And there's been a few changes working. Nathan will be -- will have certainly carriage of the new management operating system that we are putting in place to sort of drive that integrated planning, cost control, performance, et cetera, on a week-to-week, month-to-month basis along with Paul. So a few changes to open up these channels of opportunity for 2026. Let me just come back to the market a little bit. So as usual, we sort of just do a bit of a recap on where we're at. Another record year of Bauxite trade in the Asia Pacific. That's obviously driven by China, although India and Middle East have also taken a few more tonnes this year as well, but we use China as a sort of proxy for the Asia Pacific. So they've just busted through the 200 million tonnes for the year in terms of imported Bauxite. That's partly been through growth in alumina production in China, but also through the reduction in domestic Bauxite supply. So that's been a function of both of those things as has been the trend over the last couple of years. And certainly, you can see a lot -- most of that has been absorbed by additional output from Guinea that ramped up during the year after the strong pricing environment from the end of 2024. So there's certainly been increased supply. And when you get increased supply, we've seen increased supply in both alumina and you've seen the price dropped down. It's sort of stabilized. The cost curve in alumina is probably sitting around that RMB 2,700 per tonne. So we're sitting -- we're seeing a number of refineries starting to sort of struggle to make cash in that environment. I do expect a bit of a shakeout where some of the newer refineries ramping up and some of the older inland refineries ramping down or closing. At the moment, we've got decent low-priced caustic, low-priced energy and slightly lower priced Bauxite that's probably delaying that at the moment. But during 2026, I do expect to see some closure of inland refining. That won't affect the traded Bauxite market a huge amount because a lot of them will be relying on some of the older domestic Bauxite in China. So I still see a pretty strong year. In Guinea, there have been a lot of volatility out of the Guinea market. I do expect that to still have an impact on supply during 2026 and beyond. The government there has made it very clear, and now they've become a legitimate elected government rather than the military government. So they've effectively transformed themselves. They're really focused on the mining industry in making them pay their way. So we're going to see -- certainly see taxes and royalties and increase in Guinea, along with the higher freight rates will certainly, I think, put a bit of pressure on the fourth quartile of the cost curve. And so we've seen Bauxite prices. They were down a little bit, a bit softer during Q4. You can see at the back -- the far right-hand side of that graph that they were a little bit softer during that fourth quarter. We did pretty well to maintain our CIF prices. I think there will be a bit of further pressure, a bit of further pressure on the Bauxite price during this Q1 and Q2. It's already probably a couple of dollars lower than that now from a spot perspective as we move into February. But look, long run, I think as we've been talking about for a while, I think the Guinea, once that price for Guinea gets to around about that sort of $65 a tonne, they also -- there's a few suppliers there do start to struggle to meet their cash costs. And I think that's where you'll see -- start to see a floor in that sort of $60 to $65 range. Okay. Well, look, I think there's a bit more richness in the back half of the report. I will just call out the fact -- just some exploration, just to say that's been progressing this year through the north part of the Skardon River. So that's on EPMs 16755. So we've been conducting some exploration work up on the northern part of Skardon River there, where we have some tenements. And we've also started to negotiate conducting compensation agreements with the traditional owners down on our leases near the Aurukun township, which is sort of about 250 kilometers south of Skardon River from where we are at the moment. So we're in process of agreeing those. And I will also sort of call out the fact that for the second year in a row, we've won an award from the Australian mining and exploration companies. Last year, it was around our environmental, the rehabilitation of the legacy Kaolin, the Kaolin area, which we spent a couple of years rehabilitating and this year for our Community Contribution Awarded for, in particular, the joint venture that we have with the Johnathan Thurston Academy for high school interaction, particularly around empowering and providing students with some sort of strength in decision-making, in looking at their future, et cetera. And hopefully, we can convert a few of those into future Metro Mining employees. So look, that's another really good aspect and a sign of our strength and our regional impact beyond what we do at the mine site itself. So I might just pause there and see whether we've got any questions. Peter, is there anything you'd like to -- any -- got any questions coming through?

Always, lots of good questions, Simon. Yes. And we've got a couple we're going to kick off for Nathan today. Is there a point at which the cash-backed financial assurance can be replaced by bank guarantees?

Yes, absolutely. That's a really good question. And no doubt people would have noticed the increase in our required cash surety this year of around $10 million, most of which is a function of, obviously, the increased activity, particularly in the last quarter there where we really invested further in the clearing and pre-stripping activities, which has a natural consequential effect on that cash surety. So it's been a fairly sizable increase. We're certainly at the point now where -- and we're in an active process with a number of interested parties who would like to be in a position to provide that bank guarantee, and that will be a focus for us over the next couple of months to obviously release what's now getting to be a fairly large balance on the balance sheet. But outside of the bank guarantee process, there's other elements there within that surety that's important in terms of other levers. So there's also just reducing that amount through processes that we can engage in to start to get some credit for ultimately what is really a best-in-class environmental rehabilitation program. And so starting to get certified around some of our rehabilitation will also help us just reduce the quantum of that number. And then also, obviously, as we've matured as a business and now in a really strong financial condition is then working with the financial provisioning scheme to make sure that our risk assessments and requirements around surety continue to make sense. So there's a few prongs to that, but certainly, some element of that will probably require to be cash back, and we should see some movement on that in the next couple of months.

Thank you, Nathan. That was pretty comprehensive. And we're getting a few questions on the dividend forecast. The company has reduced debt extremely diligently over the last year or so. We've got a great cash balance now, which is strengthening. What is the company's plans for a dividend payment?

Look, capital management is now a regular part of our considerations at the Board. So we've been cash positive through the last 3 quarters of 2025. So that's allowed us to start to consider that, and we did publish a dividend policy, capital management policy through the course of last year. Yes. So we've got a Board meeting at the end of February where we consider the annual results for 2025, and that will obviously get published by the end of the month. I mean it's a standing agenda item. We'll obviously be considering the -- by that stage, we'll have a very good sense of where the maintenance programs are at for this current wet season and when -- and also looking forward as to when we're going to be resuming operations, where Ikamba is at with her dry docking. And we'll be looking at any sort of future capital needs from the project's point of view or indeed any external opportunities. So they all go into the mix at the same time. But I think the fact that we're doing that and the fact of the question means that we are now in that zone where we can consider these sorts of things. So look, I won't preempt things any further, but that will obviously be a very important consideration at the Board meeting at the end of February.

And possibly for Nathan, this question is around the currency hedging strategy given the volatility in markets and there's some movement in the major currencies at the moment. What is the company's current hedging policy? And how much do you balance that across your contractual arrangements?

Yes. Obviously, hedging and in general risk management is something that we're looking at very closely, particularly as we all see just really increased volatility. And so what you'll notice within our quarterly is our current currency hedge position is USD 165 million. That's locked in at a strike rate of $0.64. So relative to current spot rates, we're in a healthy position there on our hedge. But most importantly, as a relative proportion, very well hedged versus sort of USD exposure into 2026. At this stage, I would consider us to be pretty close to about 100% hedged on Q2 and roughly sort of 50% for both Q3 and Q4 out for 2026. So I think we're in a good position. I think we're striking the right balance at the moment. And then we'll just continue to watch and monitor volatility for additional opportunity to continue to build that hedge book.

Thank you, Nathan. Some questions here around expansion and exploration. Simon, what are Metro's 2026 exploration targets and budget? And are there any insights from the quarter 4 '25 drilling campaign that you can share with us?

I'll take the last one first. We haven't yet got results from the drilling we've done or the exploration we've done in Q4 yet. So that's still to come. Obviously, we have a large -- very large grade control drilling program that takes precedent. We got to make sure we are ahead of the game in terms of getting our grade control drilling analyzed. The budget -- the plans for this year is to continue to explore firstly, around our current operations. So we currently have about 40-odd million tonnes of resource that's not in the reserve sitting around our current pits in the south of Skardon River. We'll continue to look at those. We're working on an MDL conversion within our current mine plan to convert to an ML as well over the next 12 months. And so we'll look at extension options to our current pits. The north of the Skardon work will continue. As I said, there are a couple of photos of that. We're going to continue to kind of step out from -- depending on where on the results that we get, we'll continue to step out and look through that toll north of the Skardon. And I'm hoping that we can conclude those negotiations with Ngan Aak-Kunch in the Aurukun, we can then get on to those tenements once the dry season kicks off, we can get on to those tenements in Aurukun. So look, budget-wise, the drilling programs are not very expensive. It's almost a rounding era. Obviously, we don't go that deep when we drill. It's really the sampling costs that are -- that we need to budget for. So look, we're still in the region of probably $1 million to $2 million over the next 12 to 18 months. So this is not a huge impost on the budget, but we're going to continue to follow through those exploration targets that we've got there. We've got a couple more that we haven't yet started. There is a tenement that's to the east of Rio Tinto's Aurukun deposit. We haven't really put much effort into that yet. So that's certainly going to come on the radar screen during the next 12 months. Just in terms of, I guess, work on new things. What I would say, though, is that we are working pretty hard on screening, so both dry and wet screening. So our team under Matt Graham is really -- we've already done some bulk test work on site and bulk test work off-site for both dry and wet screening. And so we are developing plans to be able -- so some of our resources are grade limited. So to be able to bring them into reserve, we're going to need to find a way to, in particular, reduce the silica levels. It's something -- wet beneficiation has been done by Rio Tinto for sort of 60-odd years down in Weipa. So it's a pretty well-known technology, but we are also looking at dry screening as well, which is a much cheaper methodology. It has less of a yield impact in terms of what we're doing. And most likely, because we don't supply our own refineries, we can probably employ a hybrid approach. So we can look at both combination of DSO to direct shipping ore, look at dry screening for some parts of the ore body and then where required, wet screening, which, as I said, is a fairly well understood technology. So that's the strategy that we're working on, and we are making some good progress. So as I outlined in the AGM last year, that would be a focus. And I'm hoping in the next sort of 3, 4 months, we'll have a bit more information to share about the results of the screening work.

And further to that expansion growth topic, Simon, a couple of questions here, which I'll summarize. Is the company -- are there any other opportunities in the marketplace for the company to expand its operation given the experience and the track record it has built over the last few years to grow the business via M&A facility or such?

Yes. Look, interesting comment. Obviously, look, we're running a roller over Rio Tinto and Glencore, now that they're both in play. So we're going to be, no, seriously. Look, the -- look, it's something that we are starting to look at. Obviously, the focus remains on adding value at Skardon River and the tenements around it. Those are the things we can control right now. We need to execute on -- 2026 has always been -- since we first started looking at -- once we've stabilized the business in '22, '26 has been our plan for the full execution. That's still very much our firm focus. But we do need to also now start to look at other opportunities. Look, we are looking around at Bauxite opportunities generally and look getting access to those. Obviously, we're in the market in Bauxite, it does make sense. But we also -- as we outlined in the AGM last year, we can't rely on the Bauxite opportunities. There aren't -- it's not like gold or copper where I can sort of list 10 or 15 opportunities that are available out there for us to look at. So we've been looking at where we can find the right kind of opportunity to deploy our remote operational expertise, our logistics expertise, particularly around transshipping. Also, I guess, the fact that we have a strong marketing team in China, and we've been able to add significant value through the logistics and the sales space in China as well. So we can leverage all of those and look at other bulk mining opportunities. Obviously, I think we need to sort of make sure we stay fairly close to what we do at the moment. But I think there are interesting bulk mining opportunities that are around in Australia and Queensland in Australia and maybe in some safe jurisdictions overseas. But as we said in the AGM, that's -- if we're going to step away from Bauxite, we will be -- there'll be a firm cap on how much risk we take in those spaces. And of course, that will -- the Board are taking a very kind of, let's say, disciplined view over what we look at.

Simon. And at the moment, the company is one of the lowest cost producers, if not the lowest cost producer in the world at the moment for Bauxite production, which means you'll go through the lower part of the market more profitably than others. What is the state of the global market? What are the opportunities there for Metro with some of the higher cost producers perhaps borderline or in reducing their operations?

Yes. Look, I mean, cost curves, I mean, are how commodity markets tend to work. The elasticity of the response, it varies between different products based on barriers to entry. And I guess they can be distorted by things like trading relationships, integration between supplier and buyer and things like large take-or-pay contracts, et cetera. What we've seen is that the new entrants in West Africa have tended -- there have been some growth from existing integrated groups, but there's also been a number of groups who are less integrated or not integrated at all and are very much sort of working on a spot basis. So from using contractors using contractors for mining, using contractors for transshipping, using spot freight, et cetera. So those are the ones that are sitting. They're probably further away from the ports and the players who've been in the market for the last 5 or more years. They're 100, 200, 300 kilometers away. Their grades are also not as good as the established suppliers. So those are the ones that are going to be under pressure. Like I mentioned earlier, I think the third-party cost curves that we subscribe to tend to show that fourth quartile West African product around that USD 65 per tonne. So we're getting close to that now from a Guinea perspective. Some will -- some -- that's got a standard grade attached. Some are selling below that standard grade. So they'll have a discount to that price already. So we should expect to see the cost curve come into play if those prices sort of hit USD 65 or below in Guinea. And I think, as I said, I think the costs in Guinea are only going up. So it's not like there's a huge, I think, cost reduction opportunity over there, I think they will be going up above inflation. So I think those are the sorts of trends that we're seeing in the market. What that means from the point -- from a pricing point of view is we should start to see some reaction from supply when you hit those numbers. It might need to overshoot or it might need to -- it might take a little while for that to happen. But it will be months, not years, I think, for that to occur. And the important point there is that us hitting our target, our strategic target this year is all about that delivered cost, right? As a Bauxite supplier, we've got to be able to survive in these markets. And I think what you can see from that table I showed earlier, the potential to generate $20-plus per tonne in almost kind of any market is there. That's the sort of minimum -- that's what I'm targeting as a sort of worst-case scenario for us once we get into the full swing of things. And so that's the power of investing in Metro that we are at the bottom of the cost curve. We're close to the market. We now have those firm customer relationships and contracts that we've been working on over the last few years. I think we've got the team in place to deliver on that this year, both the efficiency and the reliability that we need to be able to do that. So I think it's -- from my point of view, this is where I think the investment strategy in Metro is precisely that.

Simon, a little bit of an outlook question. The copper prices increased considerably and all pundits expected to continue that way. U.S. accumulation of copper stocks unlikely to come out of that country. So the price is very healthy. There's an aluminum copper price ratio, which is a little bit of power whack at the moment, which would suggest that aluminum has room to move upwards. What is your view on that outlook?

Yes. Well, that's a great question. Aluminum is definitely a substitute for copper. And I guess all markets are always in flux. This equilibrium, as the question points out, the equilibrium is probably indicates a higher price for aluminum. And we've already seen aluminum go really strongly in the last 6 months. So it's been sustainably above USD 3,000 per tonne. And that's been in a market which has been in 2025, if I remember in the early part of the year when Trump put his tariffs in place, there was a sort of a real kind of doom and gloom about some of these commodities, including aluminum and yet we've seen continued growth. And that is partly being driven by the demand. So we're still seeing aluminum consistently growing in terms of its above GDP growth in its use in renewable energy, in transportation and over and above building. And we've got to remember that the building -- the construction market in China is still very much in the doldrum. So all this has happened in an environment where there has been almost no growth, in fact, contraction in the construction sector in China, yet we're still seeing that demand for aluminum grow. And we will certainly see copper pulling aluminum through in that sense. The other part of it is supply, and we've seen China cap its new aluminum capacity. That means that they won't be building significant new smelters. It doesn't mean that there won't be new smelters built. It means you're going to have to replace -- if you're building a new smelter, then you've got to close one down. But there will be some creep in that. So there's efficiencies in replacing the electrical efficiency of a lot of these pots in the older pot lines in China. So we're still going to see some growth in China, but it won't be in the manner that we've seen in the last 10 years. And I think the realization is that the capital barriers to that occurring elsewhere in the world, even in places like Indonesia and Malaysia and India are still going to be higher than they have been in China. So there needs to be an incentive price for people to invest in aluminum smelting capacity. And that usually has to come with power generation capacity to be able to sustain those smelters. So that's why I think we're seeing that. So both from a supply push from the bottom and a demand pull from the top, I certainly see continued strength in the aluminum sector moving forward.

Thanks. Great comments, Simon. I'm sure all our audience will be happy to hear that and a comprehensive report. I'm going to remind everybody that this will be recorded and available. Yes?

Can I -- sorry, sorry to interrupt. Can I just share my screen again briefly? Is that okay?

Yes.

So I might just sort of -- can people see that -- so this is the landing page on the Metro website. Is that coming through?

Not yet. It takes a minute or a second or 2 to come through. But here we go. It's coming up now.

Okay. So look, this is the landing. When you click on MMI, sorry, metrommining.com.au, you get to this landing page. And I just want to highlight something or a couple of things. Firstly, clicking on this little aluminum symbol takes you to an aluminum -- Australian Aluminum Council sort of background information on aluminum. So all the stuff I've just been talking about with respect to the uses of aluminum and all of those things. If you click on that symbol, that will take you through to understand a bit more about how aluminum is being used and so on. If you go to the bottom here, there's some highlights from this year. What I would encourage you to do is if you haven't already subscribed to Metro's newsletter. And so that will enable us to contact you when we've got news. Obviously, we use the ASX, but also there's some sort of non-market or non-price-sensitive stuff that comes out around the company or about the market, which we do use. And I intend to use that more often during 2026 to reach out to people interested in the company. And then I would just point out, if you go to the -- our company dropdown and you click on Metro Mining, we've just published a video, about a 5.5, 6-minute video which thanks, and by the way, a shout out to our friends and colleagues at mining.com.au and to NWR Communications and our own internal team here led by Holly Freeman to pull together this video, which gives a little bit of background on the aluminum industry, but mainly focuses on Metro's Bauxite Hills operations. So if you do want to have a look at how our operation looks, and it goes right the way from tree clearing and stripping right the way through to the ship loading side of the business as well. So you get some really great footage, drone footage and footage of the teams at work on the mine site. So if you're interested to have a little look at the operation, that's available on that -- our company, Metro Mining, and you'll be able to click on that. So I just wanted to highlight that those couple of things to anybody who's on the call.

Thanks, Simon. And I'll just say that we would have played it, I couldn't get the sound going. So -- but I'm sure the audience will enjoy it. It really does give a good synopsis and background on the company that they are invested in or looking to invest in. So this recording will be recorded and sent out to everybody both on the call and available to everybody else as well for viewing at their leisure. So thank you very much for your attendance today. Thank you, Simon, and thank you, Nathan.

Yes. Thanks, everybody.

Thanks, everyone.