Tivan Limited (TVN) Earnings Call Transcript & Summary

Good afternoon, everyone. For those that don't know, my name is Grant Wilson, Executive Chairman of Tivan Limited, dialing in from Sydney today, which is unusual for me, but flying out tonight to Tokyo and to Chiba for a very important 10-day trip to Japan. Rob Gerard, our CEO, named a few months ago, is coming along. So yes, a really important trip coming up and delighted to be here. It's our fourth investor briefing for the year. We do pride ourselves at Tivan on being open and transparent and timely forthright in our communications. That goes to good weather and fair weather. Whilst the company is not under really any form of pressure at the moment, obviously, the share price has been under pressure for a couple of months. So I wanted to make sure I showed up before this trip and before this month because I've got a head from Japan back to Perth for a bit and then straight to Europe for this Fluorine Forum and various other events and the Middle East as well. So October is a really heavy month of travel. We've got the AGM set up for mid-November, but this will be our final call. However, I wanted to make sure tonight that had that opportunity to provide some reassurance and insights and probably to debate a few myths that have been popping up online as well. So without further ado, we'll jump straight into the slides that we prepared. And yes, great to see really strong showing as well I can see how many people already are online. So bear with me, these slides were up on ASX just 10 minutes ago. We start, as always, with our classic mission slide. All great companies have a mission. We defined this mission couple of years ago now at the AGM. It is distinctive. Most mining companies will build themselves around a particular project or a particular mineral. We're building ourselves around a specific geographical region. That's very deliberate. We think mining increasingly is driven by social license as really an absolutely fundamental parameter. And this part of Australia is one of the most challenging areas and one of the most underdeveloped areas for that reason. Similarly, Timor-Leste we'll come to. We might need to actually upgrade our mission statement at the AGM to ensure that Timor-Leste is pride of place. We've made great strides over the past two years. Really proud of the work up there and yes, tremendous excitement into year-end about our maiden drilling campaign. Most people know this. We do have new listeners as always. So just again, highlighting that this mission really galvanizes the whole company. It's why we're here. We take it seriously. It's not just something on the cornflakes packet. It really is the foundational aspiration of the company. So for Speewah, most of the slides today are on Speewah. That's appropriate because that's most of our energy. It's most of our capital expenditure. It is our flagship project. I was quite bemused to see recently some comments online suggesting that we'd lost focus on Speewah. Nothing could be further from the truth. I've essentially been there myself for about six months now. We've pulled through some of the most important and arduous environmental baseline studies and reporting. We're knee-deep in traditional owner negotiations as we go. As you'll see, it's really a whole of company effort to get the project to a final investment decision. And I wanted again, to show up tonight and provide great clarity on what that looks like and the work that the team is putting in to achieve that very important outcome. Before I do that, though, this is the journey. And again, for those that are newer to the company, Tivan has been around for three and a half years now. 2023 was characterized by this change of control and the important transformation that the company had to go through to survive. That was extremely difficult. But you'll see towards the end of 2023 and 2024, we started to already recognize the importance of working closely with the traditional owners and the Kimberley Land Council. There's a series of agreements through that period which provided the frameworks that we're still operating within to this day. The start of 2024 was the big pivot to fluorine away from vanadium. That was absolutely crucial for the development of the company. So essentially in January, we've been working on Speewah Fluorite dedicated for three years. And that's important, I think, to emphasize because of the handful of successful critical minerals projects that have been built in Australia this decade, there's only 6, by the way. The traditional project development timeline is somewhere between 7 and 10 years. And so we're 3 years in. You could argue we're 3.5 really, because a lot of the work that we did in 2023 on environmental baselines for Speewah Vanadium were thankfully translatable to Speewah Fluorite. So we've got a bit of a head start there. But yes, we've been absolutely at it since working as fast as we can to build not just a new project, but a new project with a new critical mineral for Australia in an environmentally sensitive area, in a culturally sensitive area. We've done so with great respect. We've made tremendous progress working through critical stage gates. It's not just with timeliness but with comprehensiveness. I think anyone that looks at our PFS and FS will see some of the best reports that have ever been published in the sector on a global basis, I would argue. At the same time, we've brought in key partners being Japan and ETFS, and that goes to our capital management strategy. 2026, you'll see great progress with our Feasibility Study. We are in the process of wrapping up drilling. We'll show that slide in a second and really a big push now to localize the project. We have been on the ground the whole time, but you'll see we've opened an office back in end of Q1. The community forums that we hosted recently were really, really well attended. As I've mentioned, I've been there extensively really throughout this period. And we've got local presence now as well with Anthony Martin, who's a proud [indiscernible] man, and we're very proud to have him on the team. He's quite a legend. He represented Australia at the Sydney Olympics in weightlifting. So great person, great personality, and really proud that he's part of the local push now. And so we are coming into the really clutch period and I'll narrate that very carefully. There are reasons why some things can't be said. There's confidentiality agreements left and right at a time like this that goes to Japan, goes to the Australian government, it goes for the Torres Strait Islands. But I will do my best, my level best to work within those constraints to give everyone a sense that I think they need at the moment that we are absolutely on track in developing a new critical export for Australia and for the benefit of Japan, especially. In terms of drilling, yes, 37,000 meters, we're wrapping up. We've probably got about 2 weeks to go. You'll see a really heavy emphasis on the project development drilling through 2025, like we needed to start with metallurgy, geotech, hydrology, especially to ensure that we have the foundations to build the project and to pull through the studies. We then started on the very extensive process of infill drilling, and that is principally to upgrade the quality of the resource. We did have a small but nonetheless a meaningful percentage of inferred material, not just in the mineral resource estimate, but in the pit. And that's not something that we wanted, and it's certainly something that Japan wouldn't sign off on. The reason for that is you can't carry inferred material into an ore reserve under the classification and guidelines. Hence, we needed to translate all of the inferred material into indicated. That often results in a lot of tonnes being lost. And I can't say too much, but we're not on that track, like we have seen a lot of the results. We have not yet pulled through the mineral resource estimate, the new one because that's independently done by SRK. But we're feeling relatively confident. And hopefully, we'll be in a position to publish another mineral resource estimate at Speewah in the next month or so. And it's that mineral resource estimate, the highest quality one so far that will be carried into the DFS. And as part of the DFS, we'll then be able to punch up the maiden ore reserves. So this is all new territory for Australia. This project was known about for 100 years, mining leases, I think, were in the late 1980s various people tried and failed. I think our team has done a remarkable job. Great props to our geo team, especially. It's a huge amount of work. Again, I won't say too much about some of these semantics online about how far we drew, how big the program was. I can tell you that it's top 10. I'd say it's seventh in the history of the Australian cal sector. I'm not trying to score points there. Really was just trying to give a shout out to my guys. They're absolutely busting themselves in the field for the company, for shareholders, all sorts of constraints and dangers at Speewah. It's really the inclines are really, really challenging. Obviously, we've got the seasonality to deal with. We are extremely, extremely remote. Then we've got the cultural monitoring overlay, which has had its complexities from time to time. Lightning strikes, bushfires, like you name it. This is not an easy thing to execute. And so embellishing, if I did the scale and the challenges of the project for a young company to be able to deliver it within budget on that time frame, it's a remarkable achievement, and I wanted to give credit to the team. And so we are wrapping up. We're really pleased about that. It's not to say there won't be more doing in the years ahead. We hope and expect that as we work through the finalization of the indigenous agreements that will make it easier for us to mobilize for additional exploration drilling, for example. But we'll have what we need, we expect in terms of the mineral resource estimate and ore reserves and all this work will have been achieved in effectively 2 seasons, which is a really tremendous outcome for a young company. The broader strategy of Speewah and even for Tivan warrants reemphasizing because I really feel, particularly at the moment, it's not actually understood what we're trying to achieve with the company. We have such a distinctive starting point with the change of management campaign, and we have a completely different way of raising money and managing capital than pretty much everyone in the sector. And so I've only nominated a couple of peers here. There's a couple of companies there that are -- all those companies are very well known. The first 3 have already achieved FID. Liontown is obviously in production. Arafura has declared an FID this year, even though they've got a long, long way to go to actually construct and commission. Core lithium was in production, failed, had to go back in care and maintenance to recapitalize and preproduction. So just some high-profile peers and wanted to emphasize here the salient difference between what we're trying to do for these companies and pretty much everyone else in the sector and Tivan. When I took control, the company was on the brink of failure. That's obvious and it's acknowledged, I think, and hope by everyone. I've said repeatedly that the company was right on the point of liquidation. Have we not been able to acquire Spa, that would have been the decision. There was really no way through. We had about $5 million in the bank after the previous Board paid out previous management, which was one of the wildest things that I've seen. And even with this analysis, book value or carrying value, you can see we ultimately had $120 million of accumulated losses from previous management and then raised $135 million over 15 years or so, i.e., book value, call it, $15 million. That was the starting point. That was all we have. And we've achieved a hell of a lot. You can question this or you can question that, that journey is remarkable. And the way that it's been achieved is through extreme capital discipline and differentiated capital management, particularly the use of joint ventures. So we bought a whole series of assets on the cheap. Speewah, both vanadium and especially the fluorite, Molyhil Tungsten , Sandover Fluorite, all of our projects in Timor, mostly funded by cash, but definitely some shares as well, obviously, Speewah, even Baucau recently and parts of Molyhil can be paid back in Tivan shares. So a very creative deal path to get a portfolio of early-stage credible projects in minerals that people didn't understand when we did, like we were several years ahead of the curve in understanding the critical minerals would broaden out from lithium driven by the secular breakdown between China and the U.S. We rated that extensively at the time, and we went to Japan well ahead of everyone, and we went to Timor again. So these are bold, bold decisions right at the top, risk-seeking decisions to turn around a fail company. with minimal capital expenditure. And we're parlaying that same mentality and framework into what we're looking to achieve with Speewah. As you can see from these slides, we've only raised $65 million. Look at that in comparison to these other companies. And some of those companies are still raising big, big, big sum to try to raise the equity for their projects or to recapitalize. They've all wrapped up massive accumulated losses, which tend not to feature when they declare their final NPV that this gets left behind. What we're trying to do, particularly at Speewah is ultimately have a carrying value of only around $50 million in terms of Tivan's share and then move into construction and ultimately profitability, making it much easier for us to achieve what I referred to there as MOIC, a multiple, a multiple of what was actually invested. That's ultimately the measure of value creation that you need to focus on. And the concern I have with these companies and many other companies in the sector is just how capital intensive they are and the inability of those companies to ultimately make the money back and then multiples upon that. You need to keep the denominator down down hard, and that's what we're doing. How are we doing it? Yes, we did win international partnerships and critical minerals grant. But ultimately, what we did was aggressive joint ventures, selling some of the projects that we bought on the cheap, being able to use early proceeds to finance project development to defray costs of the team as well to ring-fence equity at FID, raise potentially debt against it and work through project development. without issuing hardly any capital at all. And then when you get to profitability, you can use those profits to continue the journey. So it's a fundamentally different mindset. We're not sitting here dependent on brokers trying to raise big pretending that we have the capability to raise everything ourselves. We have to start from where we did out of circumstance. I think we've done an incredible job in recapitalizing the company. All the shareholders that could have should have been written off were made whole share price really went ballistic on high volumes up until the last couple of months, providing everyone who wanted an exit with an exit. And we're here now with a great foundation and an opportunity to build what is going to be, I think, a generational company. But it really does come down to differentiated management style, an extreme version of capital discipline. I think because we do have hard core financial people at the company, myself, for example, Guy Debelle, I think we, there are others. We do have a very different mindset in terms of how we think about capital. And our aim ultimately is to raise only what we need to get through and to power on and to generate a very, very significant multiple on capital and to have a template where we can do that again and again and again. So please keep that in mind as we move forward. I would argue that we're working faster and with less resources than anyone. And I think ultimately, it's that productivity that will drive super normal returns at Tivan. And I would argue we've already achieved that. To go from where we got control of the company to where we have got to already is an incredible achievement. It's not enough. I'm not saying it is. I think people sometimes should reflect on what we endured at the start, how resilient the company is. And right at the moment as well, as I said at the top, we don't feel under any form of pressure, not like we did for those first 2 years. That was a very, very difficult time. And there is a very clear distinction between where the company is at and the vagaries of the share market. And as I will come to in a sec, I think there is a very clear sort of fit at the moment, which hopefully I can address conclusively on this call. So again, please keep that in mind. We're building Tivan completely differently. We're jealous about capital management, and we're striving to generate a really, really significant multiple over the years ahead. In terms of FID, we've put together like a very comprehensive slide here. We're aiming to provide real transparency. We've kept -- the last grid chart, I think that we populated was probably back in Q2, we've said FID is achievable this year. It still is technically. Is it optimal? That's a very different conversation. We've said DFS in Q4. Will we get there? Yes, we will. We're absolutely on track, particularly because the guys pulled through with the drilling. The engineering is on track, and we will be in a position to have achieved 2 massive milestones for the project in 2026, like an FS and the DFS. Very few projects in the critical minerals sector at DFS in Australia. And again, the quality of our work, I think, is extremely high. Now to get to an FID, you've actually got a choice. You've got a choice. If we want to rip through. I do have the leverage, I think, under the joint venture agreements. I won't go into the specifics. And we do know that there are various stakeholders in Japan that want us to go as fast as humanly possible, but there's risks. The risks are easily sort of illustrated on that top right slide that's just a schematic, but like the basic point is clear, and you'll see some empirical evidence on the next slide, which backs this up. For those that go fast, and there are some crazy suggestions at the moment, particularly in from people pretending that they can go as fast as next year. And when you fast track, you are taking all my set of risks in terms of variability, test work basis of design invariably and especially in critical minerals, what that will mean is that 1 or 2 years down the track, you will not reach your design capacity. The project will fail and it will need recapitalization. There are many, many examples of this in Australia, the Dolphin Tungsten Mine, Abra in lead and silver, Thunderbird in mineral sands, core lithium, another example, completely undercapitalized, completely rushed and failed. And so it's a false economy in some ways. If you go as fast as you can and you cut corners, you will end up with massive flaws and the cost of recapitalization in years 1, 2, 3 will be so significant that it will destroy the company. You'll end up with changes of management, you'll end up with debt-to-equity swaps. You have all sorts of problems. If you have a look at what's happened with some of those projects that I've just mentioned. So whilst I am risk-seeking, and I've just explained the journey that we've been on, I am not reckless. And I will not drive an expedited FID to Switch. And certainly, Tivan will not be succumbing to sort of pressure from random sitting on commentators online. It's completely irrelevant to us. We're focused on building a robust project the start of a new industry. We understand that Tivan will be assessed on how the project scales, whether it reaches nameplate and when, how compliant it is in terms of our environmental commitments, how well we integrate with our traditional owner implementation committees and groups how well the projects receive in East Kimberly. These are the metrics that we care about. I don't care if FID is in December or February. I care about building a great project, and I care about making sure that T is on a sustainable journey. And so whilst I believe we will achieve many, many milestones that can contribute to FID in the next couple of months, and that will create a lot of news flow and I think a lot of momentum. It will probably be me tapping on the brakes to make sure that we're absolutely as ready as we can be. And you can see from the table below, and we're being, again, as transparent as we can here. we are locked down confidentiality agreements, as I said, everywhere. But just have a look at that table to give you a sense of the work involved from our point of view, like what a robust FID is not a bulls* FID, a robust FID, a Japanese FID, if you will, and not to neglect ETFS. I've mentioned before, Graeme Tuckwell is a very, very sophisticated investor. He's been around the traps in resources projects. And none of us want to sign off on a huge, huge capital investment unless we've locked down everything that we can within reasonable time frames. I emphasize again, team effort. We've built the team out. This is not just me anymore, a group of 5 of us at the start as it was for the first 2 years. We've scaled with some of the best operators in the country. We brought people in with experience that's from all of the major companies. And you can see the ownership across geology, which is largely derisked now. I'd argue that technical engineering is nearly there. Ellin and myself on government is a key portfolio. Myself, Anthony, Maddalyn on native title, cultural heritage, Land Access enure commercial, that's myself and Jason, regulatory, Mike, Chris, Daniel as well, now a principal environmental adviser. Rob Gerard, Jason, throughout some of the commercial spheres and risk, insurance, all these other things. You probably got 40 to 45 items there on our FID check. That might sound like a lot. It is actually down from several hundred, okay? So we're chopping with, and we will continue to do so through Q4. I'm absolutely of the view that the DFS will be delivered, especially to joint venture partners. In terms of the risks around these processes, I think wherever it says low or moderate that what we're trying to say there is that we're really in control of large parts of the outcome sets in terms of not having much reliance upon third parties. Where it says high, those are much more latent with risk, I would say. That is to say like we need to wait to hear what the EPA has got to say about our 6,000 pages of incredible work. Now we have strong expectations in terms of how the project will be assessed. And we believe the work is done and the quality is absolutely there and impacts are absolutely manageable and quite negligible. But until we hear from the EPA, we can't be sure. So this is sort of the chessboard. But again, one of the reasons to break it open like this is to give everyone a sense of the tremendous amount of work that's involved, absolutely push back against this suggestion that we've somehow lost focus on Speewah. That was one of the most sort of mind-boggling or sort of mini threads that kicked up. I still don't really understand where it came from and how it could be incredibly understood. And then with the key deliverables, that's not everything, right? That's just giving people a flavor. And you'll see many of those outcomes are sort of negotiated as well. And so all of us are involved. It's really a firm-wide effort. It's brought us all together as well because when you're working in such a unified way, you do get that synergistic response and everyone really feel like they're working towards something important. Everyone knows that they can only go as fast as the slowest link in the chain as well. So there's a tremendous amount of coordination that has to go on. But yes, listen, we're on track, and we're in control of the time frames as well, in my view. Like if we make decisions, they will be largely decisions that have been made in consultation with our joint venture partners approved by the Board of Tivan, and communicated on a timely basis. I would say I will be out of firm up guidance even further in the next 2 weeks. Like I hope this is enough. I hope this blicates people and I hope people can see what we're trying to do and the reasons we're doing it. Like it's very important for people to understand like this approach is the best approach for Tivan. The idea of going faster is suboptimal in some ways, but you can destroy NPV or take ungodly risks. We don't want to do those things. We want the optimal outcome for shareholders. And again, that takes a little bit of patience with timely comes, then I think all shareholders really should get behind that. I really hope they do. I think invariably, people have been very supportive of our approach throughout. And so I think that's ultimately where it's going to go. The next 2 weeks, we will get really important feedback from the traditional owners and the KLC. They've been briefed for about 6 weeks now on the full gamut of environmental documents. We have shared that progressively for 12 months, but like the really important documentation has been in their hands and only their hands for the past 6 weeks. So we received their feedback. And I think as well, this trip to Japan. And you'll see a slide in it, which is one of the most bullish things that's happened at Taiwan this year, which apparently no one understood or saw. And so that's going to be very important in terms of our strategy, distribution strategy in Japan, and it's sort of really fresh news. And so yes, we'll see how we go with key commercial discussions in Japan for the next 10 days as well as key sessions with the Japanese government. And yes, hopefully, whether it's through Twitter or certainly at the AGM, the updates will be frequent as always. Again, I think this is my fourth investor briefing for the year. They communicate pretty much every day on Twitter. Our ASX channel runs very hot all the time. And so I think there's a tremendous amount of visibility. And hopefully, people can understand the strategy and the thinking. The final thing I would say is that because many of these items here, even though I can't even explain all of the counterparties are negotiations, I don't necessarily want to go into some of these rooms with a sense of urgency, because to get out of a room, when you're the person in the agency, you're going to have to pay more than you want to. So the best thing to do for a whole range of reasons, technical, strategic, tactical, diplomatic as well because we are at the top table as between Australia and Japan is for every just to stay cool, trust us, given the journey that we've been on, I really believe that it's warranted. And let us take care of business. Let us take care, and we will. Okay, next. This is a very failure slide, which I've pulled from SGS, and I saw this presentation earlier in the year, and I made a mental note to share with people at some point in time. I mentioned when I was just going through those remarks earlier that there is strong empirical evidence, particularly in the critical minerals sector that if you rush it, you do a box job, you are going to pay and you're going to suffer and you're going to get recapitalized or worse. And so McNulty curves are a very classic empirical tool. I think we introduced the curve like 2 or 3 years ago. I think people have embraced that framework. Well, this is a new framework for you as we head into commissioning, construction and building projects. It's a real deal. The way to think about the McNulty-curve is, yes, just a measure of time versus ability to achieve capacity nameplate essentially. So very few McNulty outcomes where it's been successfully scaled within a year. And there's a sort of stalking horse top right, that's a gold project. And so Gold McNulty Curves are generally more stable because it's well-worn territory. There are some outstanding projects like the HPAL project in Indonesia, top line second from the right. But you'll see many, many failures as well and some really huge misses. And again, it could be because they've watched the test work. It's because they felt pressure from stakeholders to go too fast. They haven't done enough front-end engineering. There's all sorts of things that can go wrong. But particularly in novel complex metallurgy, the risk is significant. Many of these rare earth projects have lived out of the gate. Some of them have taken 5, 10 years, even successful projects like Mount Weld is that. So have a good look through. But the lesson is obvious. It's obvious. And that is if you rush, you can come on stock and you can lose it all, not just the project, but the company. And yes, as I said at the top, I am a risk-seeking individual. No one would have done what I did 3, 4 years ago. I don't think. In fact, I know. But I did it. I'm proud of it. I'm here to tell the tale, but I am not reckless, never have been. I measure everything in terms of risk and reward. And the thing about FID is that you are putting down a huge chunk of capital, $350 million. And therefore, by definition, you have material downside, material downside. It's not like buying an asset like, well, we've been doing for $1 million or $2 million or $10 million or even $20 million. The upside on those decisions is tremendous. At FID, you've got all sorts of people in the project finance pool with all sorts of different risk spectrums and all sorts of different payoff profiles. And if you get it wrong and like these curves, that is getting it wrong, you are screwed. Particularly as the project proponent, you will be hurt in ways that you do not even understand in the years ahead. And I will not take those risks lightly. And again, the clear message from myself tonight from the Board and I expect from JV partners is that if we want to push through and declare like a preemptive FID because the demand for what we're doing is so strong and it is so pressing and the Chinese export controls are really starting to crunch, we could look at it. But I think what you'll find, particularly from me, is prudence and a real desire to lock down all of those items on our FID checklist as much as possible and to declare harmonious FID very early next year. Like I think that's essentially the base case at this point. Look at this. It's amazing headline. I'm really surprised someone picked it up. September 16. I didn't tweet it because I wanted to save this up. I think last year, I said on one of these calls, probably September when ETFS joined, I said like this is the most bullish thing that's happened in the history of this year, I think this is hugely bullish, massive. So METI in their wisdom has made a decision to use the stable supply assurance plan to effectively contribute a large component of CapEx for a new AHF facility that's going to be in Ube City with Central Glass. And that is a tremendously important development for us. Why? Because for 2 or 3 years, we've been the only greenfield project in the world moving forward credibly in Fleur. And the whole time, we've been said publicly saying that we're doing this in order to distribute prescribed tonnage of acid to customers in Japan. That's on all our materials for 2 years. So I don't want to say too much, but if you read the press release carefully like those quotes, that is even very un-Japanese language, I would say, especially using the C word, so publicly, China and literally describing the very rates on that that I've been publicizing and pushing for 2 years. We saw all of this very, very clearly before anyone. And we know how important our project is. And I think this decision, more than anything that I could say, demonstrates how important the fluoride value chain is to Japan. You've not just got Central Glass saying it, you've got the Japanese government kicking in $160 million to finance as a grant a new AHF facility. So I won't go on. I think there'll be those followers online that will understand the significance, maybe you can go back to some of my sweet remarks and find a few thinking of you. But yes, this is massive and it gives an opportunity for Australia and Japan to work together collaboratively in terms of elevated cooperation, not just upstream, but midstream, Wow, okay. So have a good think about this. I think this is strongly cooperative of everything I said. We've had some questions around why haven't you finalized the offtake? Well, I hope it's clear now why. I hope it's clear, right? As I said before, we're in multiple commercial negotiations at the same time. And sometimes you can get a little bit or not even a little bit dramatically different and more beneficial outcome with a little bit of patience. little bit patience, okay? So we've known about this for some time. We are delighted to see a public recognition of it. It's a massive announcement. And it will be foremost in our thinking over the next couple of weeks as we head to Japan. To finalize -- sorry, final comments on Speedway because it's already less than half an hour. We are very, very focused on embedding the project in the local community. I have been in and out of Kununurra more times than I care to think been staying there for extensive periods of time since April. And we really value our community relationships. We hosted these forums in Wyndham and Kununurra, very important that we did that at the time that we did it as well. I feel like we've got the town right behind us, the towns. They know how important the project is. And I think our team has really built great report. And so the challenge will be to really drive to include as many locals as possible. And we're off to a really good start because some of our key contractors who are coming off Argyle as well are deeply embedded. They're already working with us and for us. So my sincere hope is that we can match the project deeply in the community and ultimately extend life of mine and to provide a real opportunity for the community to benefit economically, socially and for the traditional owners to really have an opportunity to break the cycle of indigenous poverty that's in the region is the poorest part of Western Australia by some distance, and there's a lot of social issues. I think determination and the Climate Group coming together in July was just such a wonderful thing. And I think there's a unification of different parts of the model going on pretty much in real time. We want to contribute to that. And we really want to make sure that the project has the positive externalities as we go through. And localization is a word that you'll hear more and more from us into next year. Okay. So that's a wrap on Speewah. There are obviously questions which I'll pull through. The purpose of this model at the start is again to give that reassurance. Hopefully, a number of the comments I've already made will mean that I can get skin through some of the questions at the end as well. But yes, really wanted to drive these points publicly. Okay. As everyone knows, like we are working on like 2 different other areas. Central Australia has been great year of progress, especially in terms of the scoping study back in Q2 and then really important approval processes. These are really hard won approvals around Molyhil, getting the sacred site clearance certificates without impeding the project development pathway was an absolutely critical outcome. You cannot take that for granted in the Northern Territory. It's very, very common occurrence that if and when you work through these processes, whether it's a Central Land Council, Northern Land Council or what is known as AAPA, that you can get restricted work areas or separate site definitions, which are adverse. And so we're extremely pleased and relieved to get through both with Sandover Fluorite and with Molyhil. It absolute key outcomes. Now it did take some time. And so right at the moment, we're on track with Molyhil, the big drilling is always going to be next year. But I would say, and I think we say on the next call -- the next slide that we're going to push out the small Walsh's Wall program because it's not a critical path. And it has proved actually challenging for such a small program to get what I would say is like a quality drilling company this late in the year engaged because it's so far to mobilize and they've got obviously a lot of other things on. So I think Walsh's Wall will be kicked into next year now. But pretty much everything else is on track. We have applied for significant ground around Molyhil, like a couple of areas got freed up. These are contested processes, but I'm pretty confident Tivan will prevail. So that's something to look forward to. And then in terms of the joint venture, we're on a very, very similar path to what happened at Speewah. So for those that remember Speewah, we inked the key terms MOU right at Christmas, I think 2024. And we said optimistically, it would take 3 months to get to long-term joint venture documents. We got to 31 March, and we had to extend the MOU for like a month, and then we finally got everything wrapped up around the 6th or 7th of March -- or sorry, May and announced it. And one of the key features of that extra month was we had to work through some delays with FIRB from Investment Review Board. We're pretty much in the same position, and I have had this question, and it's a very fair question about where we're up to here. My expectation is that -- and we have already agreed that we will extend the Key terms MOU probably through to November 15, and that will provide that extra bit of time will provide the runway we need to get through FIRB essentially. The documents are shaping really well because we already had some templates from Speewah. The deal is a bit different, but like the core of the same. And obviously, we've got some strong RFIs request information, and these are very expensive because Japan is always so meticulous. But I think the thing that's going to push the time frame a little bit is just -- and that's again, a third-party component that's really out of control. The destination is the same. I think people should be concerned about it. I remember when we delayed -- not delayed, but when we did push the MOU at Sway out a month, people lost their ship online. So I would respectfully ask that you do. There's no need to -- it was completely unnecessary at that time. And again, here, it's not necessary. It's just ordinary course of business. stuff takes time. You're talking about 700 or 800 pages of legal documentation and very important governmental processes because we're working on a very, very critical project with a foreign investor. and the government is not just going to hand over the keys. And so they'll do their thing, we'll do our thing. I think parts will converge, and we're working as normal in terms of the project progression. So that's Molyhil. Sandover, we did complete this really with a significant drill program. Again, credit to the team for pulling it out. Yes, tremendous outcomes, we think. The fact that it's open at depth was a big surprise to us. And it means ultimately that if Japan wants more for up even at a price, it's there. The strikes are massive. We've sort of now drilled up to 20 kilometers. We can see at least 4 kilometers that there's much likely to be more under color. And so it's just really a journey now. I would say that we don't think Sandover will be cost competitive with Speewah just because Speewah is so close to the port. Like that it is a reality that Sandover is a long way away from a port and you'd have to move a lot of tonnes. And each of those tonnes will probably cost an extra USD 100 to USD 120, like something like that. And so it is correct that Speewah goes first, but it's fantastic to have potentially a long-duration asset looming on our balance sheet. It does give us that leverage in Japan to be able to say, ultimately may time out at 12 years or 15 years or whatever it's going to be. Over that time, the price of flu should just be incrementally higher and higher and higher, like the forward curve is definitely in what's known as contango like the forward price is higher. And so if we're thinking out 10, 15 years and if we filled this out progressively jorbed, done the test work, you'll be able to move, I think, seamlessly at that point, even if there is an extra cost for travel. The reality is this stuff is running out around the world and the demand is ferocious. And we're seeing that now that we're into lenders due diligence and so on and so forth, we've updated all the marketing reports, and we can see the supply-demand outlook, and we can see price curves now. And I'll address that in a bit in Q&A, but the outlook is extremely good, and it's great to have just a long-duration asset that's credible. It looks massive. People can do the math themselves. But we're not in a rush. And yes, Mollyhil Tungsten is still the priority as the shorter duration projects. And obviously, the tungsten prices doing what they've done. And then, yes, absolutely, the idea is to define this, have it ready and if and when provide that continuity to key customers that we would have built such a strong track record with, noting that the metallurgy and the mineralogy is very, very similar, very similar to Speewah. It's got all the right characteristics once again, which puts us in very, very select territory on a global basis. So lots of progress in Central Australia. But frankly, I'd say like the most exciting stuff into year-end is going to be Timor. I've said repeatedly that I'll be spending more and more time in Timor. It's really important. presence up there. It's also appropriate like I want to be at the frontier of the company. That's how I can add the most value, I think. We've been working in Timor for nearly 2 years, and we've achieved incredible things. We are now, I think, the largest concession holder. We certainly have the most prospective ground. On this chart, you'll see that we've added creatively 3 different concessions over the past 3 months, all at pretty much negligible cost. There was an option agreement to get the west of the cow because we knew that for mas, we've been finding incredible copper in terms of surface samples, and we're right up against the boundary. So we approached unfortunately, and we cut an option deal, which was great and gives us that call option through the mid next year. We worked with government to extend Baucau to the east, and that was on the basis of us sort defining a huge geophysical target. We call it the spaceship because it's different. And we haven't even gone on there yet, but we managed to secure the ground. And it was a really remarkable moment because when we briefed the government on what we found, it was -- I think in different jurisdictions, different governments would have responded differently. They would have just snaffled it for themselves. But in our case, because we've built, I think, so much trust and they value our relationships and capabilities so much, they agreed to use what was a pretty novel section of the mining code to recognize continuity geologically. And on that basis, we were able to extend these for no consideration either. So that's an incredible win. And then up in Turiscai, we've won sort of competitive tender, which is sort of the first competitive outcome that we've had. Everything else has either been direct or facilitated acquisition. So we have the commanding heights. We're super excited. We've been working hand in glove with community leaders. I've mentioned major Michael Stone coming on board several times. He's a real difference maker. But I'd say the local teams really found their feet as well. And as I said before, I'm intending to spend more and more time in Timor, let us say. Got 2 football teams and various other objectives and building a country is no job. This is what we're about in Timor, and there's other things that we're working on that are not even being referenced here. So tremendous opportunity. And yes, we absolutely want to max out in terms of the opportunity set. In the very near term, yes, we think we can get a drill rig in from Indonesia in the second week of October. We have pulled through the first phase of environmental approvals in no time flight. Again, like the contrast here, Australia, Timor is so stark if you're living it and all of the things that we have to get through in Australia to build a project. The transfer from Category C to category B license in Timor took 2 days. And it was done very, very thoroughly, very thoroughly, but this is the difference. And so if and when we find something, people will be shocked in terms of how strong the support is and how fast we're able to mobilize. And it's partly because the country is young and it's got a very credible government, but it's because it's unified as well. There's a real purpose. They want to build a nation. They're coming out of abject poverty, they're coming out of conflict and there's great opportunities. So the start is drilling. We'll drill probably 5 to 6 holes at what we refer to as the Scorpion project. Casa Tivan is on this map. That's our forward operating base. It's only probably 25 minutes from target. We think we can get there and commence drilling end of the month. The rain will come, but because we've got this super El Nino event, which looks like a catastrophe for the planet, it is actually likely that the monsoon will be delayed in this year. So we're racing against the puck a bit. We chose this prospect because it is highly accessible. We've probably got 4 or 5 other drill targets into next year. So Ossu Bridge [indiscernible] in the mountains and Turiscai, potentially the spaceship. So part of the objective of this campaign is just to prove that we can fast track drilling, drill 5, 6 long holes with a man portable rig, build the entire supply chain, have community on board and then rent and repeat. In other words, we're obviously hopeful here. We should find out by Christmas if we fit what we fit. We have magnetic data coming in as well from the drone survey. So we've got conviction. But we've also got 4 or 5 shots next year, which is really exciting. And so that's the maturity that we've built throughout the project suite over the past 2 years of really, really challenging work. So we're in a good spot. And yes, we're excited. But again, I just want to emphasize that my presence in Timor will grow and grow and grow. And again, like we're an hour back to Darwin, an hour from Cairns, straight down to Central Australia. The center of gravity for the country -- for the company is Northern Australia and increasingly Timor as well. So final slide, just on corporate. This is our team continues to grow. I can confirm that we've agreed terms with the CFO. We were inundated. I think we had 55 applicants. So we really did get our pick she's carving out a notice period. And so we'll announce that pretty shortly, I think. And yes, excited to have that capability added. Obviously, the geo team is still a very large footprint, but you can see how busy we are across all these projects. The executive team, I think I've mentioned on the previous call, but that's been a really, really important development this year, being able to build that out. It's not static, like I think the executive team will change again even before year-end. So letting you know that. But again, when you look at that FID checklist and you see the owners and how much responsibility people have and how we all need to pull together, it explains why the company is shaping in the way that it is. If we are on track, if we head into construction commissioning next year, we will double to give everyone a sense. And that's not even including the contractors that will be working on Speewah. And so the company is on a really, really significant growth path. We need to hit the milestones as we go. But what a great thing. We've brought together. The morale is super strong. And yes, everyone is just fully committed to each other and to the projects. So I'm already nearly an hour in, not quite, which is longer than usual. I hope because we do have quite a few questions that many of these questions will have already been addressed in what I said. Nonetheless, as I said many times before on these calls, AMA is really fundamental, particularly at this time. We don't censor questions. We did have a few questions this time around that we took out. That was only because they were right at the limit of what I would regard as sort of racially charged and Tivan will never count for that. So that's a heads up. That's probably the only time that we've pulled some things down. Otherwise, we're here. And we -- as I said at the top, here to answer questions always accountable to shareholders even if there's pressure on the share price, especially if there's like time to show up. That's part of the mantra, and you'll always have that from me and from Tivan. So without further ado, -- and again, if I've answered this on the way through, then yes, I will quickly skip because there's 4 pages of questions. And I want to be able to add value in the last sort of 15 minutes of the call.

So in terms of being on track, yes, I've explained this extensively. DFS very much on track like November, December with JV partners. I think FID by choice is Q1. And contractual close is actually different again, like contractual close is when can you draw down the money essentially of financial close. And that can take like another 6 weeks, but there's ways to bridge things like that. So yes, essentially, absolutely is the answer. Brock, I think, again, pretty much addressed that, Brock, with the big FID slide. And so there are many moving parts. But to me, it's the approvals and the flu where the third-party risk lies along with the project finance round, which everything is sort of conditional upon. I would say the engineering and geology is extremely mature now. And that's why we can confidently go ahead with mineral resource or reserves DFS, that's essentially my view. And I think we've received really strong cooperation on the commercial side as well, both in terms of the market studies and the forward curves and the supply-demand outlook because there really is no supply. But this news out of Central Glass, Brock, you would know how important that could be is. So how many end users been? Yes, great question. So taking away the Central Glass announcement, I think we're in front of 20 to 25. I'm heading to Italy, bit of Fluorine Forum at the end of October to meet many of them in person. They are spread across Japan, Korea, India. India there's a tremendous amount of demand and sort of diffusion in India. There's many hydrochloric acid types, Europe, the U.S. as well. China, obviously, the Australian government has its preferences, and we are absolutely abiding by them. We have received incredibly strong overtures from China pretty much the whole time, including now Chinese companies working out Singapore and so and so forth. So we have to be very careful in communicating on that front. So without including China, Dan, I'd say 20% to 25% is a fair estimate, and I can confirm the project is significantly oversubscribed even without the Central news recently. And so we feel like we're in a good position for sure. In terms of NAB, I can't say too much here because like whilst we made those announcements last year about the fact that we've moved through to levels of support and matured within NAIF's pipeline. if we are working with them, it's obviously locked down and obviously confidential. And so you have to take that on trust. I think I can say that obviously, we're looking to debt finance the project. The project is of clear national significance. The project was 1 of 6 named on the Australian Japan list of elevated Corporation. Of those 6 take out Mount Weld because that's built. So you got 5 of those 5, Speewah miles ahead of anything else in terms of maturity. So we are the tip of the spear, I would say, for Australia and Japan in terms of elevated cooperation, therefore, draw your own conclusions in terms of. Wolfram, yes, so the independent market studies, as you go through what's known as lenders due diligence, they will typically ask for independent market studies of the fluor spar market, and they will typically want visibility on demand and supply, projected supply, they'll want a forward curve on. And I know from time to time, people have like our gradual upward sloping forward curve in the PFS and the FS, even though it was completely transparent and effectively just a trend model like extrapolating the growth in fluor prices over the past 10 to 12 years forward and then capping it at $900. Well, now that we've got the benefit of these reports, I would say that they're pretty much on top of what we said, like they're very similar. They've used different methodology to get to a very comparable outcome. Very few, in fact, none of them, I think, forecast outside 2035. And so I'm not sure what they're thinking out that far. It seems like a long way away, but that's still within the life of mine horizon as well. But yes, as I said before, the market is clearly in contango. All of the independent experts are saying the same thing. The supply appears to be in deficit by 2,000 to 3,000 to 4,000 tonnes of assets over all horizons and no one can really see where that's going to come from, particularly high-grade stuff or high-grade stuff with low impurities. And then if you segment the market and you say, "Okay, we go to think about this ex China or ex China and ex Mongolia." There's hardly anything in the West, and there's tremendous demand, particularly if you include India and the U.S. And so yes, I think we're in a fantastic position. It gives us a lot of confidence. I still think along the call option of China putting in big export restrictions at some point and the market getting fully segmented and us having a divergent moment where we get a real shock and acid spar goes up a lot. But most of the forecasts are just 2% to 4% compound annual growth in price, that adds up. That's fine. I don't really want to shock like I don't actually want right now acid spar to go through the roof because that will induce a supply reaction. It's much better that we are where we are because no one else is trying to build anything, and then we'll be standing alone at some point. So we're in a great position, I think. And I think the independent market studies cooperate and will give comfort to anyone looking to provide debt finance. Brock, that's a long question. I think Brock is asking how much of our headcount are we deferring? Yes, that's a fair question. And I think the big comment I made at the top about jealously guiding our capital and keeping expenses down is partly because a lot of our headcount is deferred. If we've got, I don't know, 30 or 40 people, probably 40 now on that slide. I mean, there are more people being interviewed and coming in all the time. I'm actually not sure the number, Brock. I have to check, but I think I can say, in a sense, there are 2 large reductions on overhead. The first, you're touching upon because we -- it is true that we are able to and we do actively expense key staff or some part of key staff. It could be 50% of the person or 75% of person to the joint venture, and therefore, the joint venture funds it. But then, of course, we've got counter people in Timor and the cost of labor in Timor is incredibly low. We have gone to great lengths to ensure that our team in Timor is overcompensated versus peers and certainly versus the wage and so on and so forth, which is shockingly low. But it's a rough guide, I would say person in Australia is roughly 5 in Timor. So that's obviously a huge source of reduction of overhead. And it actually gives me grand visions of should we build a back office in Timor. If we're going to end up with 500 people, why not have 200 people because they work really hard, they're super honest. They've got great skills and so on and so forth. So this is all ahead. But yes, Brock, without getting too far off track, you're right. And when we have a third joint venture -- sorry, second and third joint venture, this will continue. Again, trying to keep the pressures off the head company to avoid head company dilution where possible and making sure as well that we don't just stuff costs into the JV at the expense of the JV partners, like we're always respectful on that front as well. So it's a balance, but we're able to achieve more than it looks like we should be able to because of these sorts of strptions. And then finally, Dean, yes, I mean, I've mentioned a bit here. I understand where the question is coming from. I can't say too much other than we are in the market for classic debt financing. dilution of capital is not likely. I can't explain tonight how I'm solving for what might look like a small gap, but I can confirm that I will solve it. And I don't think any dilution is likely at all. I think we might have surplus capital in that. And so again, a few times on this call, I'm sort of like trust me on that, I get one of those on. I can't say anything more, but I answered your question. Is dilution capital likely? No. Okay. Moving on, product and stakeholders and approvals. And again, Dean No, like trying to push the spec further is not helpful. Like any premium is really about the fact that the underlying arsenic contact looks great. We've managed to look it down to a good level. But it's really about security of supply, like the idea that we're Australian does actually matter. It's not that we're green or anything like that. It's security of supply and the underlying mineralogy. We still have to work through like the continuous pilot and variability, like we've got to be able to have confidence that we can hold spec across fresh ore oxidized material, there's different lithologies and so on and so forth. We are in great shape overall. So I don't think the conclusions are going to change. But we're not -- there's no merit in trying to either slow down or spend more money to achieve something that is potentially out of reach. In terms of the next couple of questions, let me just sort of group them because they all go to the same topic, which is traditional owners, which is, again, complicated sensitive locked down behind commercial -- sorry, confidential agreements. What I can say, and again, I'm doing my level best here to communicate is that Tivan has been on this incredible journey for 3 or 4 years. We think all sorts of first-in-kind agreements with traditional owners and land councils and Aboriginal Investment NT, for example, across Central Australia and the Kimberley. We've prioritized as well. If you go back to one of the first slides I showed today, we prioritized our relationships with the KLC and the TOs from the start. I think in terms of our indigenous engagement register and all the meetings I did over the first 3 years, and it wasn't just in the Kimberly and it was in many, many places. I think we're up to like 90 or 100 different meetings, like that's how committed I was from the start because I knew that this was going to be the longest lead item and the most challenging. And so we've already differentiated ourselves completely. That is recognized at the highest levels of the KLC. I have no doubt about that. The fact that we're invited along with Sumitomo to attend the ceremony was really remarkable. And I think the round of agreements that we've signed. It's just so unusual and that it speaks volumes. Now it doesn't make it easy? Can I give you absolute surety? Can I give you 100% timing? Can I give you transparency? Unfortunately, I can't. These are very, very sensitive processes. They're culturally complex. The TOs themselves will be watching tonight. And the last thing they want me to do tonight is to break confidence. It's taken several several years to build these trusted relationships and to build that deep respect and even to go through this topology, which we recently did. And that dates back to some lapses, I guess, or shortcomings that we had right at the start because we were so short staffed. I want to be clear as well that nothing there involved a statutory breach like harm to heritage. This is just a contractual matter that we wanted to close off before we reached the final as because we don't want to have things like that carrying over. So we've managed that very respectfully. I think I think have built further trust. And these are the challenges that we have to work through. In terms of worst cases and derisking, we've already avoided the worst case. And again, this is hard to explain for people that are not familiar with native title law, not familiar with these remote regions in Australia. The worst case at the start -- from the start, which I knew for sure, is referred to as what's polygon claim. And so because Speewah was not a determined native title area, it was sitting there and different people have tried to establish native title over a long period of time as well. There was a risk that if we didn't work hand in glove with the Central Land Council to support a specific native title determination and a claimant group coming together. The claim group has got 400 or 500 people. The could fracture into its different constituent elements, and they all could start lodging competing claims. That's called a polygon claim. And that happens a lot. And when that happens, it fractures everything and you end up in federal court for years, it's interminable because the federal court has to sort through precedent and trying to figure out who's got what. That's happened in the Kimberley. That's happened all over Australia. And I knew that was our biggest risk from the start. And that's why one of the key reasons we went down the path we did, which is to work hand in glove to sign up to heritage protection to sign up to resource protocol agreements with both groups and the KLC from the start, even on mining leases. And again, you have to know the nuances of made title and tenure throughout these regions to understand how significant that was. But there are other projects in the Kimberley. They're not indetermined areas, but they were on mining leases, which were granted pre-Native Title Act and pre-Mabo, and so were Speewah's and so were the ones at Tivan. But none of them have done what we did. None of them have gone preemptively to the KYC and said, look, we can see that there will be major problems. We want to work respectfully. We want to have the fullest sense of land tenure. We want to support the future owners to strengthen their land rights. We want to have a partnership. We don't want to have an adversarial model. And we don't want transactions, we want trust. We did all of these things for 3 or 4 years. That will carry us through. We've already avoided the Polygon situation because Nganjuwarr is now recognized, and that is a huge outcome, and it's created tremendous goodwill. I believe the traditional that I've been working with the Tonks and I've spent -- I must have done 15 of these McNulty-day meetings over the past couple of years. My honest belief is that they want to embrace the opportunity to build better lives for themselves and especially for their kids. And I think we are providing that opportunity. I think it's a unique opportunity. And I think with the strength of the relationships that we've got up and down, I think we'll be able to reach agreement on a timely basis. And so that's probably as much as I can do for tonight other than to say we're fully committed. We will say more where we can. The agreement with [ Nganjuwarr ], which is the modern Halls Creek, which is for the access road is extremely close. essentially I think they're that. Everyone always wants to learn more about the environmental aspects, and that's understood. But I feel like we're absolutely on track. And I don't see scenarios where that it's this complex area that will ultimately undermine a project or for store. I think things will come together. That's my firm expectation. In terms of the environmental stuff itself, I've said, again, if you look at the call back in June, it's the first person to say that working the Dunham River is challenging. All of the work that we've done has been around derisking that outcome, managing it, mitigating it. We will be in a position very soon to submit all of that to the EPA and the EPA will have to make its own decisions, and we look forward to that. We're confident in the work that we've done. We're confident that the impacts are very, very low and manageable. And also that Tivan is having positive impacts at other parts of the project sites, in particular like the Alma Gorge. And so listen, we're optimistic, but we have to wait and see. There is some spurious stuff floating around. There's an environmental group in Broome that sort of lost their minds recently. We've offered to brief this group for 3 years, and they never take us up on it. And then they launched, I think it was a website, and we had all these people instantly writing in on the website with positive comments and they were seriously deleting any positive comments. So you're going to get people like this, but they really don't matter. They don't have any standing. It would be a shame and completely counterproductive if they try to transgress upon everything that I just explained, which is like a 3- or 4-year journey of aboriginal self-determination. What a wonderful thing that we're on the cusp of achieving. So I'm not really going to entertain sort of renegade environmental group or I think they're completely discredit to themselves through their actions so far, and I know they have no standing whatsoever in places that matter. And some of the comments around taking water out of the river or fracking and it's just -- it's mindless stuff. And so we take the environmental portfolio extremely seriously. We've done that from the start. We want to be great fiduciaries. We look forward to sharing everything that we've been working on in the public domain soon. Hopefully, when shareholders see that, they'll understand just the amount of work that we've all done and that we can discharge those really important obligations with great confidence over the life of the mine. Briefly on the sort of high-level stuff. yes, got great visibility coming up in Japan. I think I'm giving 2 speeches at high-profile conferences. There's a very special event that's being organized between Australia and Japan, which I, again, can't say too much about, but I'm attending and it's very, very select. So we're right at the top table. We're excited to be there. And in terms of the critical mass strategic reserve, yes, listen, it will be discussed, no doubt about it. I don't think the strategic reserve is vital for an FID, but there's ways that it could be mobilized to ensure there is that elevated cooperation between Australia and Japan. And so if there's opportunities to prosecute that, then I certainly will. We're in direct touch with the key decision makers in Australia, obviously. And I would say that these moments these next 2 weeks in Japan are a really important time for everyone. So to briefly wrap up, Molyhil, we addressed that. Sandover, we're not trying to get to an MRE anytime soon. The next step will probably be an exploration target. And then yes, maybe late next year, MRE. It's not that important time that we've proven the point, I think, already. Timor-Leste, we've discussed, Josh, I think it will be -- I think it will blow people away, not just in terms of hopefully the drilling and what we ultimately discover. But project facilitation, the lack of sovereign risk premium, the willingness of other large financiers in the region and think here Japan, think here Singapore, where it works for a long time as well to fund large-scale projects in TS infrastructure. There's so much goodwill towards Timor-Leste. And as I said before, we've got the commanding heights. I think it's the biggest risk reward opportunity that we've got at the company by far, by far, like it's just spectacular. So we're absolutely all in. And yes, we're excited all the way through next year and beyond. And again, please understand, if you see me spending lots of time out there, it's for very good reasons. It's the most important allocation of my time and presence in terms of what it can mean for project facilitation going forward. Little to say about EARTH AI and Speewah Vanadium. We have done some scopes for EARTH AI, but we've really prioritized the approval processes for Molyhil and Standard fluoride this year. They're so fundamental to the critical path. The Central Land Council has extreme capacity constraints. You cannot go to the central Land Council and ask for like 5 or 6 things. You'll get nothing. So we focused on what we needed to get through this year. That will free us up more into next year with EARTH AI. Nothing to say on Speewah Vanadium because we just want to keep the focus of the community and the on the fluoride and our near-term objectives. And then finally, project sequencing, no change here, David. It's Speedways first. We have to prove ourselves there. Molyhil is absolutely second. We can't utilize the same plant as Molyhil and Sandover fluorite, but we can use the same infrastructure, which is the key. That's the water bores, that's the roads. There can be other things, of course. And so -- but listen, that's 10 years away. And so we don't need to obsess about those things. The big decision we made at the start of the year, of course, was not to do 2 for projects at the same time because we cannibalize ourselves and because I was still confident that Molyhil was going to -- sorry, Tungsten was going to and here we are. And Tivan, yes, I think the hint Tivan is like -- I think going local in Timor is such a transformative step for us, and I'm very interested in building out larger capabilities for Tivan out of Dili, like I really am. I think it could ultimately make us a more efficient company in the long term. In terms of the corporate questions because I think these are all pretty much the same question, which is why is the share price weak. So let me conclude with this. I've mentioned at the top quite forthrightly that I feel as though there's a narrative fallacy that's sitting in the online community. The online community is relevant because it amplifies itself even institutions read hot copper. And then you end up in this sort of odd situation where something that's completely false is presented as some consensus has received wisdom and it takes on a life of its own and can even sell the pets a little bit. So I have superior information than all of you. And I can say hand on heart that like where Paul's press that question is completely incorrect. It's not an issue of the market is failing to recognize Speewah's value. It's certainly not an issue of execution. Our execution has been perfect all year. And I would also push that hard against communication. I think we've got one of the most progressive communication policies and strategies of any company on the ASX. And I would say without the way that we've communicated the company would have failed a long time ago. The reality is it's got nothing to do with any of those things. The reality is that we've suffered through 3 shocks, exogenous shocks, things that we could do nothing about pretty much in a row that led to a really significant supply-demand imbalance in the stock. There was a lot more selling than buying. And there were 3 sources of supply that all pretty much happened at the same time. So here, we're talking about July, August, roughly. The first was retail. So retail, in general, has been a large net buyer of Tivan's shares in aggregate like this triple. What we saw at the turn of the financial year was pretty abrupt and I think directly attributable to the federal budget and the decision around capital gains tax. Now I saw some of this in May when it became clear that they were going to change the capital gains tax. But into the new financial year, for whatever reason, a lot of people, I think, independently of each other, either received the same tax or made the same decision, which was Tivan has gone up a lot. We got out of jail here. Grant was out more or less because I did get some of those phone calls from very well-meaning shareholders even apologizing. And I was like, you don't have to apologize for me, just do what you're going to do and do it respectfully. But we saw a very significant wave of retail selling for the first time, and it probably lasted for 6 to 8 weeks. It has abated or finished, I think, but I think it was very specific, and I think it was in response to an exogenous shock. Again, nothing to do with Tivan's management and execution or cost, nothing. The budget changed tax policy in Australia. We had a huge proportion of retail shareholders, they all decided to do the same thing at the same time, what can we do? Second, there's been -- and it's referenced here. Now we don't mention individual shareholders at Tivan out of respect, and we've been very, very respectful whole time to legacy shareholders. We've managed a big sale program before with L1 over a long period of time, multiple block trades incredibly professional relationship to mutual benefit. The account mentioned here sold a lot of shares on market, I think around 20 million shares. It's in our top 20 report, so you can see it. And this, again, is not to complain, it's just to explain. So a noneconomic decision to liquidate a large number of shares at the same time as retail was doing that thing. A third source of flow was that our broker, our underwriter on the last deal was rated by the police. I don't mean to laugh, and they are absolutely entitled to their presumption of innocence, and I understand there's been no charges at this point. But obviously, they took down quite a number of shares at $0.30. And if you have that incident, you are going to dispose of those shares very quickly. And again, nothing that we could have foreseen. We were working with that group because they enabled me to price deals aggressively. We wish them well. We obviously nothing to do with us, but it did induce another large sell order in a very short period of time that took us down through some key technical levels. So there you go. The narrative fallacy at the moment is the stock has gone down, we don't understand it. And I do empathize in a way because the scary thing when you own a stock and the price actions is weak is that you don't understand, it causes fear, it causes anxiety. But into that anxiety, we've had trolls, we've had well-ming shareholders as well, write stuff online that is completely wrong. It has no basis in fact. As I've explained extensively tonight, we're absolutely on track. There's no skeletons in the closet. Everything is humming. We've also fully funded, like we had the foresight. We didn't get at the highest. We did the underwriting deal. And so the company is in rude health. I hope you all can see that after this very long and extensive call tonight. And as I've mentioned, I think there were 3 very specific sources of flow that took us lower. And those are things that we cannot control. Even the reference here to block trades, as I mentioned before, I've organized many block trades for the company. But you can leave the horse water, but you can't make a drink, okay? And so again, I don't want to mention specifics. It's not appropriate to do so. And -- but we have done everything we can and more. And I really feel as though what happened was a very localized point in time in response to completely exogenous factors. And so I pushed back respectfully against some of the things that -- or some of the -- certainly some of the comments online. And I hope that I've been able to establish and address the run of these questions quite specifically because I think you're in that mode of inducing fear. Now can we turn that back to so-called greed? Are there catalysts to wrap up the questions? Yes, of course. But I'm not here tonight to broadcast those. I'm here tonight to provide that assurance. I do believe now the company is really fundamentally undervalued. I think when you see specific flows and now that I've described and hopefully people have that comfort, it actually creates a buying opportunity because for people that are disciplined that have capital, once they understand the valuation gap that's been created, they can buy in with confidence and then ultimately, things can rebalance. I do trust the market. The market has great inefficiencies, particularly this in the end of town. But ultimately, the market will find its own path through. Again, we've managed big programs before, and I'm confident that the underlying value is not just there, but it will be realized and recognized once again. So I hope that gives everyone a sense of the journey. I've addressed, I think, all of the key questions here. I'm way over time by my standards pushing 1.5 hours. So I'm going to stop showing the screen, and I'm going to wrap it up right here. All right. So as I mentioned, Rob and I are on a plane to Tokyo in about 3 hours' time. We've got really important meetings for Speewah lined up. I can, I think, confirm as well that we've got several, several meetings on our other projects with different Japanese counterparties and the Japanese government. Tivan is a big deal in Japan. we really are because we've committed ourselves so respectfully and with such discipline and we've achieved some short period of time. So really looking forward to this trip. And in the meantime, I hope that by expanding all of the various complexities that we're working through in such detail, great detail, even I don't normally go this. I can give or I have given everyone a sense of really where we're up to, the decision-making frameworks around what's ahead. And I hope and look forward to welcoming everyone to our AGM. It's only 6 weeks ago -- 6 weeks away. We will continue to push as hard as we can. We've already achieved a tremendous amount this year, and I will be inviting new team members, particularly the executive team to the events in Melbourne. So keep that on your radar. And yes, kick the faith, I would say, as well. The team is working really, really hard for you. I am, as always as well. huge travel week or months ahead, but huge opportunities. And I think as well, my final comment would be as much as we are really locked in on delivering Speewah, do not lose sight of Ting, okay? It's really fundamentally important to Tivan. It might sound exotic or even a stretch from time to time, it's not. It's right on our doorstep. We know exactly the opportunities that are ahead. And I personally feel that this will be absolutely foundational to the future of the company. So with that, good night. We'll be on the red eye into Canada in the morning and straight back at it in Tokyo. So thank you very much. Please share this to anyone that is having misgivings right at the moment, again, providing that assure you that Tivan is absolutely the company that you know and hope it will be. Thank you. Good night.