IGO LIMITED — Call Transcript 2026

I would now like to hand the conference over to Mr. Ivan Vella, Managing Director and CEO. Please go ahead. Great. Thank you. Good morning. Good afternoon, everyone. Thanks for joining us. I know it's a super busy day. Lots and lots of quarterly for the market, so you're running around. So appreciate you dialing in, taking the time out to catch up with our results. I won't spend too long, as usual, just trying to hit the highlights, Kathleen'll pick up the financials as we get further through, and then we can dive into some Q&A. Just to sort of touch the headlines first before I run through few areas in more depth. I think safety, again, continued improvement. I've talked about this since I started on the role two years ago, and I'm really pleased that we're making steady improvement every quarter. Team is working really hard at it. They absolutely treat this as their first priority, and the results are flowing through, which we're really pleased about. Naturally, it's never done. That focus on a good mature culture is something that we keep working at. But I think it ties back into performance in the mine as well, and obviously, these results are largely focused around Nova. And you'll see, you know, the results from Nova have been really, really strong through the last quarter. Production cost team is doing a great job, and I've reinforced, obviously, a few quarters in a row now, how difficult it is when you get to the end of an ore body like this, but you're approaching the end of mine life. It is challenging. The team is dealing with that extremely well, and, you know, we start to see where focus on good safety, good productivity, good discipline in our operations all tie together. We're also driving out great cost outcomes as well. I do recognize, of course, the benefit of the byproduct credits from copper, which is nice. It's another piece of the pie, and obviously, the nickel markets, you know, fantastic for the last 12 months of this mine. But as you can see, it all, you know, starts with what we control, and those basics are running well. For Greenbushes, look, you know, obviously a better quarter than the first quarter of this financial year, which was impacted by rain and some grades. We've seen that grade improve. That, that's continuing to flow through, and we'll see that lift through the second half of the financial year. But, so improved production, sales offtake, which is just shipment, which, to be honest, is, with a, a very rapidly rising lithium market, not the end of the world. We're now just seeing some, improved financials on the back of that. And, you know, a lot of work that's happening, to get CGP up and, and going, CGP3, at least. That's, as we've announced already, fit for start and producing concentrate this month. There's a huge focus on that ramp up, and I'll talk more on that in due course. Kwinana, look, another quarter that's sort of in line with prior quarters. I think really did call out. It was impacted by a shutdown that took out some of the available days of production. The team did finish the last month at about 50%, which is sort of the best that we've seen from a refinery for any same period. You know, I guess we much as looking at prices up, we continue to take the view that this has got a very challenged future. So that's, I think, the quick highlights. Our financials, capital dig into it further, but as you can see that we've generated positive free cash and continue to maintain a very strong balance sheet. If I drop down a little bit further into Nova, and I've touched on a number of these points. I mean, a really good operational quarter, delivering cash to the business. I talked about a blast misfire in Q1, which has been addressed and mitigated. Again, that's the sort of thing that the team naturally doesn't want to happen. They had to work really hard to deal with it safely. They've done that, and it's now in the rearview mirror, looking forward. With the mine at this point, so close to closure, we don't have the ability to flex our schedule, and so we have to deal with these things very attentively. Sales a bit lower, just in line with shipping plans. So one less ship a quarter, that'll roll through. There's nothing really materially in that. And overall, tracking really well against our end of life mine guidance. As I said, the performance from production was really good, and they continue to lead through this quarter. So we're up. We've got some strong confidence there and right through to the end of this calendar year. And of course, costs are a function of that performance. All that said, the team are working really hard to manage our costs as this mine ramps down. We're certainly not looking to carry anything that we don't need to as we move towards closure in 2027. I've put Kwinana next, just to touch on it quickly, but then we can talk a bit more on Greenbushes. As I said, 35% nameplate a quarter, 2.1 kiloton. We're tracking, you know, pretty much in line with our guidance as we've set out for the financial year. The costs are up, and, you know, that's a function of the production through the quarter. We did take a bit out as the maintenance shut was done and some other modifications that were done to the plant. The next slide was drop into Greenbushes. So look, you know, it's a good quarter, lift on Q1 in production. Costs are still running strong... high relative, and that's obviously largely production related. As the tons ramp up, we'll see that come back in. The realized price lifted to AUD 850, which, you know, I think reflects this very close connection with the PRAs or the spot price in the market, and I'll talk more to that on the next slide. I think it's something that's very favorable, particularly in this lifting market, very buoyant market now. The big news was obviously getting first ore through CGP3 late last year, just before Christmas. The team did find some issues as they started to run it up. They stopped and fixed those early in January and then got back into it. As I said, we've just seen first concentrate starting to come through. Look, the asset's working. I think they took the time it was down to check a few more things, hopefully avoid any more surprises. The work in front of them now is to ramp that up, hopefully smoothly. We're gonna know more by our half year results in a few weeks' time or three weeks away. So I think that'll be a place where I can give you a more substantive update. At this point, it's a bit early, really, to say too much until we see a few more results start to come through. I have a couple of extra slides on Greenbushes and wanted to start, as we talked about in the last quarter, to just feed in more information to the extent I can, about both the life of mine optimization or the strategic review that we're doing and the focus on productivity. First thing I did want to touch on first, though, was just on the SC6 price growth, which I'm sure everybody's following closely in the market. It's certainly moving very, very quickly. I would say relative to the expectations that I had, that's fine. It is what it is. I'm sure we're gonna have some ups and downs. We saw overnight that there was a bit of a downshift with GFEX and others, and I think we certainly expect to see some of the CATL supply out there start to be reintroduced. And I think this morning mentioned that they were looking at that. I'm sure we'll see more of that, which might pay for it. But really, the takeaway from this slide is the way that that translates for Greenbushes. As you know, when we take the average of the PRAs one month prior to the trades, but it's pretty much a very close connection to the spot price that's out there. Does give us a very good realized price that flows through. We don't have any of that lag or impact from contracts that you know might carry discounts or other frictions from a low area in the cycle. So I expect we're gonna see, obviously, some very effective lifts in our realized price over the coming months. The next slide then, I guess, brings to life how that translates into margin, which is one of the things, again, I called out before. I think Greenbushes is one of those few mines of any mine in the world that generates extremely high margins. You know, we said 64% EBITDA for the last quarter, and I think the low end was just higher, 60%, at the absolute bottom of the cycle. But the thing that's really unique is it also drives fantastic cash conversion and translates it into returns that flow out of the business. They don't have to be reinvested to maintain production. This chart just brings to life what that looks like if you take 1.5 million tons, so current production level, roughly, at 2,000 tons, and then with the lift in production that's coming through CGP3, you know, the sort of excess cash that's generated through that step up, it allows us to visualize that. The next slide talks a bit to the optimization work that's ongoing. It's a slide that I have referred to before. Just to reorient everyone, we've got an overall review of the entire mine, which is, I guess, a life of mine optimization, and I'm gonna talk about one example of the kind of work that's happening there in a minute. That is significant. It's got a lot of external expertise helping us with it. It basically goes right back to the ore body, assesses the ore characterization, the design of the mine, how we manage waste, tailings, our grades, et cetera, top to tail and reassess that, in the optimal way. And in doing so, obviously, unlocks a lot of values. In parallel with that, we're also focused in with activity. Now, these things are naturally linked. Productivity work is happening now anyway, and that's focused across a number of different streams. All of that together, brings us to, I guess, our goal, which is achieving the full potential of Greenbushes. And, you know, Rob Telford, who's the CEO there at Talison, is doing a great job. He's got a lot to work through, and as the team he's put together are working through it. They are finding a whole range of issues, challenges, and changes they need to make, and that's part of the shift. But, I mean, we've seen Nova, in a short space of time, make this shift and this, you know, steady focus on production, stability, and safety. I don't share the safety results at Talison, but there is some challenges there as well. I think these things are linked, and Rob's got a really good set of programs and changes in place, step by step, to support the team to shift that culture and focus on safety, on production, reliability, on stability, and ultimately, productivity. It will drive our, you know, more tons and obviously, less costs as well. The example I want to refer to for the overall asset review really looks at the pit wall size. So steepening pit walls is something that naturally has risk or threat and opportunity, both ways. On the upside, it means a lot lower strip ratio, and in this case, you can see, and I'll talk to the line in a minute, but it starts to expose more metal or more material, valuable material that otherwise might not have been accessible. On the downside, if you get it wrong, you have a geotech issue or a failure in the wall that can sterilize more. So it needs a lot of careful work and thought. The team have brought in experts to help them with that. They are maturing their geotechnical management processes and activities. They're doing all the right work to make sure that we control those risks, but ultimately unlock a lot of value. If you look through this chart, you'll see some little dotted lines that run out into the gray patch on the right-hand side. So that sort of pit shell, 2023 resource shell and 2021 resource shell, shows what the overall resource would be. You can imagine, if you actually did all of that strip, it's a huge huge amount of work and cost. The other point to note, though, is on top of that gray shaded area there on the left side of that slide, sits our plants. So it would require us moving a lot of the infrastructure and assets, which is extremely costly and painful. It's not to say you can't do it. I mean, that's the kind of work that other mines in the world have had to go through, but it's not very desirable. So the other way to tackle this is if you, if you take those little dotted lines that run into the gray, and if you draw them straight up to the edge of the gray and you steepen that wall significantly, you can start to access that, that high-grade floor. You can lower your strip ratio significantly, so you expose more metal, lower strip, much lower costs, and ultimately, drive an enormous amount of extra value out of the mine. That's the kind of example of work that's happening at the moment, and I wanted to do this to try and just illustrate it. So when you start to see more of the results and the information coming through, as we get through the decision, finalize our plans, and we can present that back to the market, you'll understand where that's come from. It just helps to give you a sense of the work that's happening. Equally, the care that we're taking to make sure that this is done properly. As many of you know, this mine is 135 years old. Even the pit we're working in is quite, quite mature and any changes to that, we need to make sure it's done with due care and attention. The last slide then on Greenbushes just speaks to the productivity throughout Australia that I mentioned earlier. We put in the sort of major areas of focus, mining being naturally a big one early, and I've put a couple of little charts in there to just illustrate the lift in productivity from the mining fleet. And, you know, that takes us to what we believe is industry average. So we're not outperforming yet, but I want to give credit to the team, to Rob Adam and his mining team. They've made a lot of focus on this. They have hit a lot of issues and barriers. They're working through different challenges, but I think they're really starting to see some results come through now, and that will play out in our costs, obviously, our waste movement. The second area I want to talk about is in this production and plant performance, and that's a mix of utilization through better asset management and reliability, so we get that throughput, but also recovery. So more stability will drive recoveries and then work on to optimize recoveries. As part of that, we're also looking at value in use, which means what are the... What is the grade that we're selling to our customers? Is that optimal for them? What level of impurities? How much are we throttling the assets, the processing plants to achieve that? And what's the cost or value trade-offs? So we're asking those kind of questions as part of this to make sure that we really optimize this, recognizing the customer's interests and their costs, but equally, what's the best we can do with the plant? The business has run on producing SC6 and a fixed, you know, grade on impurities for a very long time, and we haven't really asked the question, and so we are, or at least testing it, and we'll see what makes sense. No decisions yet, but again, shows you the kind of work that's happening and the impact on productivity from these different streams is quite significant. So with that, that's a quick roundup on the operations, a bit more on Greenbushes. We'll turn it over to Kathleen and sort of touch on the highlights on the financials, and then we can get into some Q&A. Thanks, Ivan. Welcome. Hi, everybody. Sales were net $32 million, and as Ivan indicated, it was largely due to the shipment timing from Nova. Nova's EBITDA was up AUD 42 million, which included some value adjustments with the increase in nickel price in the month of September. The share of net profit from TLA rounded to zero. Positive profit at Greenbushes being offset by losses at Kwinana, and this includes our share of capital expenditures, so we compare that at zero. I also wanted to call out again that we're running one month lag with pricing or so to me, so next quarter, we'll see the benefit of the higher pricing. Underlying EBITDA improved to AUD 30 million and was supported by Nova's result and some mark-to-market movements on the investments that we have. We remain laser-focused on cost control, but you'll note that, or I'd like to note that the cost this year had a one-off payment for, you know, our insurance in there as well, so that's inflated quarter. Free cash flow was positive at AUD 13 million, and our balance sheet continues to strengthen with the net cash increasing to AUD 299 million. So that's a great place to be. I think that summarizes that. And thank you very much, Ivan. Thanks, Kathleen. Well, look, we'll turn it over to Q&A. I'm trying a different mic. Hopefully, the sound quality is better for you. But yeah, we can open up and start taking some questions. Thank you. If you wish to ask a question, you will need to press the star key followed by the number one on your telephone keypad. If you wish to cancel your request, please press star two. If you're on a speakerphone, please pick up the handset to ask your question. Your first question comes from Rahul Anand from Morgan Stanley. Please go ahead. Oh, hi, good morning. Thanks for the call. Just the first one for me is related to CGP3. Obviously, you've started commissioning and ramp up there. What is the rough timeline of you achieving that nameplate, please, just so that we can test our numbers going forward on that one? I'll come back with a second. Thanks. Yeah, it's about, in simple terms, 5 months, so the end of the calendar year. Got it. Okay, perfect. And then just on the pricing, we basically had you achieve the price during this quarter for, I guess, the months of September, October, and November. And even if I apply about a 5% discount, I'm still getting to a higher price. Now, obviously, I acknowledge that the shipment timings might have been a key impact here, but is that the right way to think about pricing? You know, September, October, November, and then based on when the ships basically are loaded and leave the port. Basically, you're selling, the timing is FOB basis. Is that right? Yeah, it is. We can double-check it and clarify. Yep, that's your misunderstanding is absolutely correct. Yeah. Yeah, just 'cause, looking at our numbers for the price and also for consensus, the pricing was a tad bit weaker. So just wanted to understand if we're kind of modeling that correctly. Yeah, we'll double-check. I mean, we obviously do reconcile that, but we'll just make sure if there's something that's in, you know, in there, whether or it's tied to the shipment, possibly. I'm not sure, but we'll get back to you to make sure we've got the right inputs for your model. Excellent. And if I can just slip in one more just around, so if Greenbushes going forward, obviously a strong lithium price environment, and you've got a downstream partner there at the mine as well. You've talked about the age of the mine, and then also you're ramping up CGP3. And if I look at your sensitivity chart in terms of the sales volumes, you've obviously got about 2 million tons, which is what your current plans are. Have any conversations started as yet in terms of any future expansions at the mine and how they might look like in terms of underground, above ground? What type of hurdles you guys need to cross in terms of thinking about further expansions? Anything related to growth, I guess, in the Greenbushes space. Yeah, look, there's a lot going on there, but that's included in that broader life of mine optimization. The existing assets, so CGP1 and 2, we believe, can offer up a lot more productivity and throughput and production. So optimizing them naturally is bringing CGP3 up to its full potential as well. So that's using the existing suite of capital that we've deployed, the tailings retreatment facility. We're working through that study presently, so we know what to do there as well. So there is a lot happening in that space to recognize and drive growth from the existing capital base and make sure we've got the best from it. CGP4 is in the mix. You know, it's one of those things that sits in the, in the schedule, and we've got to find where the optimum place for that is. We don't have that answer yet. It's, you know, there's a lot of moving parts in the, in the review that we're doing. It's very significant, but, you know, as I get more detail, you know, step by step, we'll, we'll feed it out. I guess I'm just as eager as you are, of course, to have that finished because it gives us a really clear new baseline to work against. And Rob and the team are working really hard. I think we'll see some, some of that come through in the reserve resource update we do later in February. And, you know, you've mentioned underground, so we're certainly looking at, at where that fits. As we think about the overall resource, I've talked about pit wall steepening as one lever that, you know, obviously drives a lot of value, but equally understanding which part of the resource we want to target through the open pit versus underground, and then what the schedule and sequence of that is, is, again, work that's underway currently. Got it. That's very comprehensive. Thank you for that. Appreciate it. Thank you. Your next question comes from Levi Spry, from UBS. Please go ahead. Yeah, good day. Thanks, Ivan and the team. Thanks for your time. So, do we have an updated expected date for the life of mine optimization? No. No, sorry, Levi. I would love that, too. I'm pressing regularly. Rob, Rob's probably getting annoyed with me. But look, they're working hard. They're making progress. I think there are some areas where they dig in, they find things that they just have to do more work on. Technically to make sure that we're going to make the right decisions. So I will share a clear plan or at least a target once we have one, but I just don't have that to offer up at this point. Yeah. Okay, thanks. In the absence of that, can you maybe, you know, you need a big second half as CGP3 ramps up. Can you just remind us of its operating parameters, maybe tons, grade, recovery, so full speed by the end of the year? What does that actually mean? Yeah, I mean, you're talking about the whole grade curve and so on. I mean, giving you the normal tons, 500,000 tons, it will run at. It's, I guess, design feed grade is the same as CGP2, which is about 1.8%. And, you know, it will run to, I guess, test recoveries. We are targeting higher than that. So, you've seen the results, CGP2 starting to rise, the team do more work on it. I guess, you know, our goal naturally from the ramp-up is that we don't have to go through that process, that we actually are hitting our grade curve from the outset and then beating it. But, you know, I'm not gonna promise that at this point. It's where the team's focused. I don't know, is that what you're looking for? I mean, all those numbers we've shared previously, I'm just not sure there's nothing new at this stage that's going to change things until we get further into the ramp-up. Yep. Okay. Thank you. So, just pushing a bit further on that. So just confirming on page seven of the preso, the 2 million ton rate. So do we take that as being the calendar year 2027 run rate? No. That was an indication of, of margin at that volume. It's a, you know, it's a, a capacity. It's not a mine plan that we've issued as guidance yet. Yep. Okay. And so the next round of meetings with CEO and the Tianqi for guidance. So when is the 2026 budgets expected to be set? We've been through that now. They're getting signed off as we speak. So that's the 2026 calendar year for Talison. Yep. And, um- Yep. Naturally, we will then take that and build our guidance for the 27 financial year, obviously a bit closer to the time. Okay. Thank you. Thanks. Thank you. Your next question comes from Hugo Nicolaci from Goldman Sachs. Please go ahead. Morning, Ivan, Kathleen. Thanks for the update this morning. Just first one on your comments around Greenbushes' guidance, production sort of tracking slightly below, CapEx also below. I'm gonna try and triangulate those two comments. Is that just, you know, on, in terms of stripping at the mine, is that running a little bit behind and, and that's why, you know, your strip ratio has sort of fallen in the last quarter and, and why both production and, and CapEx might be lower for the year? No, they're not all linked, so stripping will come down, and I've talked about this example on pit walls. I mean, we'll see a material reduction, we expect, in our strip ratios through that, and that will trend down. You'll, you know, quarterly variations is more about weather impact through Q1, you obviously have less pit access and availability. They're now fully open, so that, you know, that'll look different. But the team are looking at where they tip waste, how they manage waste, the, you know, the grade and seeping of those waste stockpiles. There is a lot of changes that they're working through presently. So I, you know, don't want to try and characterize these things as just one cause for change. In terms of the production, look, it's partly grade-related, which was a bit better than we saw in Q1, of course, a little bit worse than we had in our plan, and that's just a normal reconciliation we're working through, the team are getting there. And the other bigger factor is, of course, just the way that CGP3 ramps are. That's really the key unknown. And, you know, what we anticipated in our guidance in terms of that start, we're behind. Is it not recoverable? No, not at this point, but that's what we're gonna see in the coming weeks or months, how that goes. That'll give us a gauge as to how the rest of this year looks and then obviously into the rest of the calendar year. There's a few different moving parts. I certainly wouldn't tie them all together in terms of the production outcome for Q2. Got it. In terms of the CapEx timing piece, so then I'm presuming those are all works that will still need to happen. So maybe that's more of a shuffling some of the CapEx into FY 2027 rather than things no longer out- Yeah. Is that fair? I mean, as I've talked about in prior quarters, I mean, Rob has got a very tight handle on CapEx. He's being very prudent, and he is pushing back on it, which is good, but we're not in a place where we've credited a downshift guidance on it yet. We'll see how, again, how that pans out now as they run up CGP 3. Obviously, some of those costs are capitalized until we get to commercial production. So there's a bit more to come, but I don't think you should read into that that there's, you know, a major shift that's impacting production. Got it. And then just sort of second one, I think, detailing off Rahul's question earlier around the, the realized pricing piece. Can you just remind us what sort of volumes are going out on the technical grade piece at the moment, and if that's also a, a bit of a delta there in, in terms of that realized pricing? ... It was very small. It wouldn't be material enough to affect the realized pricing. And we're talking 50-80,000 tons in a year, so it's very small prior. Yeah. Got it. Great. And then just last one, if I can, sort of back on the IGO level, and you, you've highlighted obviously the, the step change in potential cash generation for Greenbushes at, at current spodumene pricing, and we're two months through, your current quarter, basically pricing setting. Does that then enable you to start thinking about dividends back out to IGO shareholders, given you have that line of sight to, to cash flow when you're sort of at or above your threshold for excess returns already? Or is that maybe a little bit too early for February still? Yeah. Yeah, definitely too early. I mean, I think we've got a very clear capital framework at Winfield, which we use to manage, dividends and obviously the debt there. Obviously, there were some movements in the debt. We'll work through that. We'll pay, you know, dividends out at Winfield to the shareholders, TLEA, in due course, and that'll be done, but again, based on that framework, you know, very well managed and controlled. And then the key discussion will be the TLEA as to what we wanna maintain there in liquidity and what the shareholders might then pay out. So certainly no discussions or decisions on that at this point. The first step is to see that cash really starting to flow out of Winfield. Got it. Thanks, Ivan. I'll pass on. Thanks. Thank you. Your next question comes from Kaan Peker from RBC. Please go ahead. Hi, Ivan and Cath. Just on that framework that you talked about with Winfield, AUD 150 million of debt paid this quarter, but no cash contribution to IGO. What's the priority now, further degearing or versus distribution? And as CGP3 ramps up, is there a set level or cash buffer that's required before distributions resume? We'll circle back for the second. Yeah, let me pick up the last part first. So we've got... I mean, there is a cash buffer we will hold, that's not tied to CGP3 or any specific part of the asset. It's just a part of our overall capital framework, and that's being managed. Naturally, we'll look at then dividends versus the debt and, you know, the balance on that, and we'll take into account things like the US dollar and, you know, forward views on cash generation and so on. So all those decisions go through a pretty structured process with the board and the shareholders, and, you know, out of that, we'll let you know how that translates. Obviously, you know, the way this market behaves is gonna be relevant. Obviously, it's very buoyant right now, and certainly all the signals are for a very strong year of demand, but equally, we expect to see more supply come online, and once I see you can show you that other production as well. So, you know, I think before we get ahead of ourselves too far, we just wanna sort of see how that washes through and take a view then on how best to allocate that cash to drive maximum value for the business. Just to confirm, it's de-gearing currently the focus? No. Sorry, it's, yeah, no, it's not the focus. That was, you know, this is part of, obviously, a post managing in a, in a day-to-day sense. We will naturally wanna pay dividends and think about our debt, so it's, they're both, they're both important priorities. Sure. Okay, maybe secondly, on Kwinana, conversion costs spiked materially this quarter. How much of that reverses with utilization, versus how much reflects embedded cost issues? No, it's been largely impacted by the maintenance, because remember, we don't capitalize anything. Everything is expensed. And obviously the production volume is impacted through that period, so you've got a compounding set of impacting elements there. You know, I think the team are working to drive our costs, and as we're looking at, and we're working through 2026 budget for Kwinana, there is a lot of pressure on that, as you'd appreciate, and CapEx as well. So the team, you know, naturally are trying to find ways to drive better reliability and better performance, but do that with less cost as well. And I would not take Q2 as the marker that says it's trending up or that's the run rate going forward. Cool. Thank you. Thank you. Your next question comes from Mathew Frydman from MST Financial. Please go ahead. Sure. Thanks. Morning, Ivan and Cath. Can I ask another one on the ramp-up of CGP3, which I guess you called out as the biggest factor in the software guidance commentary you've given? Can you give us any more information on the specific issues that have been faced and dealt with so far that you mentioned earlier on the call? You know, was there anything specific related to equipment or feed or people or anything? And then in your view, are there any sort of key risks or checkpoints now looking forward, or is it just a sort of steady improvement over the course of the year? Thanks. Yeah, I would, you know, share what I can. It's a good question. It's equipment-related, so one of the mills needed some realignment. It's not an unusual problem. It's frustrating because you kinda go, "Well, how did that not get dealt with earlier?" But it happens. I've been through a few of those. We've just needed some resealing. Again, you know, not fantastic because it's painful to do it. It's not a big issue. It's just logistically, to get back in and fix some of these things, just takes a bit of time. The good news was the team used some of that downtime while they were working through some of these issues to then just go back over motors, pumps, et cetera, and pump test and check and just really get confidence. You know, I think they changed out a few loose pieces so that we can get a, you know, hopefully a cleaner next phase of the commissioning and ramp up. But for anyone who's been through these things before, there's plenty of unknowns, so you have to be very careful not to get too excited one way or the other. It's still pretty early in the process to sort of see how it behaves. I think the good news is you talk about the other things that could be a factor. So feed is fine. That's all good. People and capability. We've got a great team there. Rob lined up well. Paul, who's the project director, you know, got an integrated team for commissioning. Strong team in place, so we feel comfortable with that. We've got great support from the vendors. Got access to all the support equipment that we need. So there's no big risks there that we're deeply worried about. But, you know, I just think it's way too early to call or to get a better, a real sense. I think by the time we can get to our half, I'll get a better read on how things are going. At this point, though, I'm just pleased with, you know, we've got first time. They're starting to basically run the plant and actually start to see what the recoveries are, how it's behaving, and, you know, obviously look at tuning in the reagents and all of the normal steps you take in that first month or so from start. Okay, thanks for that, Ivan. That's, that's helpful. Then secondly, you've, as you called out, put some additional, sort of numbers in the presentation there around some of the recent, productivity improvements at Greenbushes, you know, improved truck utilization, improved material movement, and you suggested that that, that will flow through into the cost line over time. Obviously, there's a lot of moving parts that go into the final cash cost number, but, I guess I'm wondering, in isolation, are you able to maybe put some dollars around some of those mining productivity improvements? I mean, what's, what's the goal for where you think you can get the, the cost of material, movement with, with some of this productivity improvement? Is it, you know, is it AUD 10 a ton? Is it $7 a ton or whatever the number is from a ballpark perspective, what's the team working towards? I suspect you'll tell me that some of that will come out in the life of mine optimization piece. But yeah, just wondering if there's any sort of high-level thoughts around that at the moment. Thanks. Yeah, it will. I mean, I don't want to give you a number yet. I mean, it's, that is the conversation, of course, when we go through budgets and we're pressing the team, they're a bit, you know, gun shy to offer it up in the first year because it's still a, you know, work in progress. But, you know, we've started to see a profile through 2026, 2027, which really does show some substantive improvements in unit costs on those underlying activities, and I think that will naturally flow through. We, you know, we're also, as every mine does, fighting grade decline. So some of it is eroded indirectly through that or set. But, you know, the goal is net net. We're actually beating that and both through increased throughput or production and also then in these just, just more efficient work through less stripping and so on, that we're actually continuing to strengthen our position as the lowest cost lithium rock producer in the world by a long shot and just keep on consolidating. So Rob's, I think I've mentioned it before, you know, he's sort of put that broader goal out there to be the lowest cost lithium units in the world. And he's, you know, there's still a gap to the very best brines out there, but it's, it's, it's in shooting range, so I think it's a good target, a good challenge for the team to think and say, "What does it take? You know, how, how could you run this mine differently? What needs to be true for us to start to get that level of cost performance?" That's not going to come in a quarter or two, of course. I guess what I'm trying to do is the extent I can share information as we do, just feed it out step by step to give you a greater insight and picture on improvements, and then also give you some of those underlying productivity and performance numbers so that you can update your view of the asset. Okay. Thanks, Ivan. We'll continue waiting for the study outcomes with bated breath. Thanks a lot. Thanks, pal. Thank you. Your next question comes from Austin Yun, from Macquarie. Please go ahead. Morning, Ivan team. Just, so one quick question. Yeah, most of the questions have been asked already. So just one on the base metal strategies. I think previously you were talking about, you know, outside of lithium, you were looking at just, you know, other early-stage opportunities. Just conscious that, you know, given this, this sense like a windfall of cash coming from the strong lithium markets, how does that change your thinking of, you know, the exploration of the other opportunities? Could we see some capital being allocated to that part in addition to shareholder returns and debt repayments? Thank you. Look, Austin, it's a great question. No, it really doesn't change. I mean, the criteria that we've applied since I started two years ago, with a lot of discipline and, you know, has been a big part of this. There's real clarity around kind of returns that we're looking for from any growth needs to be in that ballpark around Greenbushes. We don't want to heavily dilute our business and, you know, trying to hit Greenbushes, you can imagine that's a very high bar. And so if we can allocate capital first there, then naturally that's gonna be the most accretive and most sensible thing to do, which we're focused on. Dealing with things that are a drag on our returns, i.e. Kwinana, which we're working through, we've been clear about that. And then to add something to it-... I mean, it's difficult, hence why we've been, you know, continuing to be very disciplined. If we saw something that we felt would deliver appropriate returns, sure. The lithium price, to be honest, or having and the translation of that into cash doesn't really change that decision. Because we have a nice form of cash available to us, we're not gonna be, you know, more eager to make a decision there. It will be on the same criteria regardless. Arguably, the best time to be doing things, if you saw it, was five months ago or eight months ago. So, it comes back to, you know, our eyes to value, and we've got a very high bar, and that's, you know, good and bad. It's an absolute privilege to be part of the custodian of Greenbushes, and it just means that our growth has to be very, very focused. That's probably all I can say at this point, Austin, but it's, yeah, more of the same. Thank you. Thank you. Once again, if you wish to ask a question, please press star one. Your next question comes from Daniel Morgan, from Barrenjoey. Please go ahead. Hi, Ivan and team. Just a simple one, really. Grades at Greenbushes, I think if I'm hearing correctly, they're back above 2%. And so therefore, the implication is, like, just putting CGP3 to the side, not, you know, stripping that out from, from this question. We should expect a material lift in production for the next couple of quarters from the existing business, not CG, CGP3, correct? Yeah. Well, you'll get a lift, yes. Yeah. I think it's, I mean, a number of those grades, clearly, equally interruption. We had a pretty good quarter, weather-wise. Some rain late, later than expected through Q2, but very, you know, Q1 is always gonna be a challenge. So there's naturally some of those impacts, grades impact. And then the productivity is the other piece, which I know Adam and his team are working very hard on. I'm pushing and expecting to see, you know, them to deliver results through all of that hard work as well. Okay. Thank you for your perspectives. Thanks, Dan. Thank you. There are no further questions at this time. I'll now hand back to Mr. Vella for closing remarks. All right. Thank you. Look, we've finished well, which is nice. Gives you guys hopefully a break before the next one. I won't say too much. I mean, just to recap, I think Nova was really pleased. As I said, safety, production, cost, just hitting, hitting the mark. This is an operation that we focus on. Yes, it's relatively small and simple, but you know, it's a signpost of how we wanna bring our capability to operating a mine. And I think all credit to the team. They've done a great job there and set this year up very well. So that's great. Unfortunately, it's only a year to go, not another ten. It is what it is, though. They'll manage that through. Greenbushes, a better quarter. The big focus is CGP3. Naturally, we're very pleased to be ramping that up into a lifting and buoyant market. It's fantastic, and there's a huge amount of focus to make sure that's smooth. And ideally, we meet all of our plans. That's always gonna be the target, but at this stage, it's early. We just need to back the team and support them as they get through that work. All that said, I mean, this is the time when Greenbushes really shines. This is the period of lifting price, a buoyant market, when you see the very best hard rock lithium asset in the world, turn it on, more production and a whole lot more margin. So we're really pleased to be part of that and continue to work with the team to improve the performance. Thanks for everyone's attention and support, and we look forward to talking to you soon at the half-year results. That does conclude our conference for today. Thank you for participating. You may now disconnect.

Speaker 9: I would now like to hand the conference over to Mr. Ivan Vella, Managing Director and CEO. Please go ahead. I would now like to hand the conference over to Mr. Ivan Vella, Managing Director and CEO. i would now like to hand the conference over to mr ivan vella managing director and ceo Please go ahead. please go ahead

Speaker 4: Great. Thank you. Good morning. Good afternoon, everyone. Thanks for joining us. I know it's a super busy day. Lots and lots of quarterly for the market, so you're running around. So appreciate you dialing in, taking the time out to catch up with our results. I won't spend too long, as usual, just trying to hit the highlights, Kathleen'll pick up the financials as we get further through, and then we can dive into some Q&A. Just to sort of touch the headlines first before I run through few areas in more depth. I think safety, again, continued improvement. I've talked about this since I started on the role two years ago, and I'm really pleased that we're making steady improvement every quarter. Team is working really hard at it. Great. great Thank you. thank you Good morning. good morning Good afternoon, everyone. good afternoon everyone Thanks for joining us. thanks for joining us I know it's a super busy day. i know it's a super busy day Lots and lots of quarterly for the market, so you're running around. lots and lots of quarterly for the market so you're running around So appreciate you dialing in, taking the time out to catch up with our results. so appreciate you dialing in taking the time out to catch up with our results I won't spend too long, as usual, just trying to hit the highlights, Kathleen'll pick up the financials as we get further through, and then we can dive into some Q&A. i won't spend too long as usual just trying to hit the highlights kathleen'll pick up the financials as we get further through and then we can dive into some q&a Just to sort of touch the headlines first before I run through few areas in more depth. just to sort of touch the headlines first before i run through few areas in more depth I think safety, again, continued improvement. i think safety again continued improvement I've talked about this since I started on the role two years ago, and I'm really pleased that we're making steady improvement every quarter. i've talked about this since i started on the role two years ago and i'm really pleased that we're making steady improvement every quarter Team is working really hard at it. team is working really hard at it They absolutely treat this as their first priority, and the results are flowing through, which we're really pleased about. Naturally, it's never done. That focus on a good mature culture is something that we keep working at. But I think it ties back into performance in the mine as well, and obviously, these results are largely focused around Nova. And you'll see, you know, the results from Nova have been really, really strong through the last quarter. Production cost team is doing a great job, and I've reinforced, obviously, a few quarters in a row now, how difficult it is when you get to the end of an ore body like this, but you're approaching the end of mine life. It is challenging. They absolutely treat this as their first priority, and the results are flowing through, which we're really pleased about. they absolutely treat this as their first priority and the results are flowing through which we're really pleased about Naturally, it's never done. naturally it's never done That focus on a good mature culture is something that we keep working at. that focus on a good mature culture is something that we keep working at But I think it ties back into performance in the mine as well, and obviously, these results are largely focused around Nova. but i think it ties back into performance in the mine as well and obviously these results are largely focused around nova And you'll see, you know, the results from Nova have been really, really strong through the last quarter. and you'll see you know the results from nova have been really really strong through the last quarter Production cost team is doing a great job, and I've reinforced, obviously, a few quarters in a row now, how difficult it is when you get to the end of an ore body like this, but you're approaching the end of mine life. production cost team is doing a great job and i've reinforced obviously a few quarters in a row now how difficult it is when you get to the end of an ore body like this but you're approaching the end of mine life It is challenging. it is challenging The team is dealing with that extremely well, and, you know, we start to see where focus on good safety, good productivity, good discipline in our operations all tie together. We're also driving out great cost outcomes as well. I do recognize, of course, the benefit of the byproduct credits from copper, which is nice. It's another piece of the pie, and obviously, the nickel markets, you know, fantastic for the last 12 months of this mine. But as you can see, it all, you know, starts with what we control, and those basics are running well. For Greenbushes, look, you know, obviously a better quarter than the first quarter of this financial year, which was impacted by rain and some grades. We've seen that grade improve. The team is dealing with that extremely well, and, you know, we start to see where focus on good safety, good productivity, good discipline in our operations all tie together. the team is dealing with that extremely well and you know we start to see where focus on good safety good productivity good discipline in our operations all tie together We're also driving out great cost outcomes as well. we're also driving out great cost outcomes as well I do recognize, of course, the benefit of the byproduct credits from copper, which is nice. i do recognize of course the benefit of the byproduct credits from copper which is nice It's another piece of the pie, and obviously, the nickel markets, you know, fantastic for the last 12 months of this mine. it's another piece of the pie and obviously the nickel markets you know fantastic for the last 12 months of this mine But as you can see, it all, you know, starts with what we control, and those basics are running well. but as you can see it all you know starts with what we control and those basics are running well For Greenbushes, look, you know, obviously a better quarter than the first quarter of this financial year, which was impacted by rain and some grades. for greenbushes look you know obviously a better quarter than the first quarter of this financial year which was impacted by rain and some grades We've seen that grade improve. we've seen that grade improve That, that's continuing to flow through, and we'll see that lift through the second half of the financial year. But, so improved production, sales offtake, which is just shipment, which, to be honest, is, with a, a very rapidly rising lithium market, not the end of the world. We're now just seeing some, improved financials on the back of that. And, you know, a lot of work that's happening, to get CGP up and, and going, CGP3, at least. That's, as we've announced already, fit for start and producing concentrate this month. There's a huge focus on that ramp up, and I'll talk more on that in due course. Kwinana, look, another quarter that's sort of in line with prior quarters. I think really did call out. That, that's continuing to flow through, and we'll see that lift through the second half of the financial year. that that's continuing to flow through and we'll see that lift through the second half of the financial year But, so improved production, sales offtake, which is just shipment, which, to be honest, is, with a, a very rapidly rising lithium market, not the end of the world. but so improved production sales offtake which is just shipment which to be honest is with a a very rapidly rising lithium market not the end of the world We're now just seeing some, improved financials on the back of that. we're now just seeing some improved financials on the back of that And, you know, a lot of work that's happening, to get CGP up and, and going, CGP3 , at least. and you know a lot of work that's happening to get cgp up and and going cgp3 at least That's, as we've announced already, fit for start and producing concentrate this month. that's as we've announced already fit for start and producing concentrate this month There's a huge focus on that ramp up, and I'll talk more on that in due course. there's a huge focus on that ramp up and i'll talk more on that in due course Kwinana, look, another quarter that's sort of in line with prior quarters. kwinana look another quarter that's sort of in line with prior quarters I think really did call out. i think really did call out It was impacted by a shutdown that took out some of the available days of production. The team did finish the last month at about 50%, which is sort of the best that we've seen from a refinery for any same period. You know, I guess we much as looking at prices up, we continue to take the view that this has got a very challenged future. So that's, I think, the quick highlights. Our financials, capital dig into it further, but as you can see that we've generated positive free cash and continue to maintain a very strong balance sheet. If I drop down a little bit further into Nova, and I've touched on a number of these points. I mean, a really good operational quarter, delivering cash to the business. It was impacted by a shutdown that took out some of the available days of production. it was impacted by a shutdown that took out some of the available days of production The team did finish the last month at about 50%, which is sort of the best that we've seen from a refinery for any same period. the team did finish the last month at about 50% which is sort of the best that we've seen from a refinery for any same period You know, I guess we much as looking at prices up, we continue to take the view that this has got a very challenged future. you know i guess we much as looking at prices up we continue to take the view that this has got a very challenged future So that's, I think, the quick highlights. so that's i think the quick highlights Our financials, capital dig into it further, but as you can see that we've generated positive free cash and continue to maintain a very strong balance sheet. our financials capital dig into it further but as you can see that we've generated positive free cash and continue to maintain a very strong balance sheet If I drop down a little bit further into Nova, and I've touched on a number of these points. if i drop down a little bit further into nova and i've touched on a number of these points I mean, a really good operational quarter, delivering cash to the business. i mean a really good operational quarter delivering cash to the business I talked about a blast misfire in Q1, which has been addressed and mitigated. Again, that's the sort of thing that the team naturally doesn't want to happen. They had to work really hard to deal with it safely. They've done that, and it's now in the rearview mirror, looking forward. With the mine at this point, so close to closure, we don't have the ability to flex our schedule, and so we have to deal with these things very attentively. Sales a bit lower, just in line with shipping plans. So one less ship a quarter, that'll roll through. There's nothing really materially in that. And overall, tracking really well against our end of life mine guidance. As I said, the performance from production was really good, and they continue to lead through this quarter. I talked about a blast misfire in Q1, which has been addressed and mitigated. i talked about a blast misfire in q1 which has been addressed and mitigated Again, that's the sort of thing that the team naturally doesn't want to happen. again that's the sort of thing that the team naturally doesn't want to happen They had to work really hard to deal with it safely. they had to work really hard to deal with it safely They've done that, and it's now in the rearview mirror, looking forward. they've done that and it's now in the rearview mirror looking forward With the mine at this point, so close to closure, we don't have the ability to flex our schedule, and so we have to deal with these things very attentively. with the mine at this point so close to closure we don't have the ability to flex our schedule and so we have to deal with these things very attentively Sales a bit lower, just in line with shipping plans. sales a bit lower just in line with shipping plans So one less ship a quarter, that'll roll through. so one less ship a quarter that'll roll through There's nothing really materially in that. there's nothing really materially in that And overall, tracking really well against our end of life mine guidance. and overall tracking really well against our end of life mine guidance As I said, the performance from production was really good, and they continue to lead through this quarter. as i said the performance from production was really good and they continue to lead through this quarter So we're up. We've got some strong confidence there and right through to the end of this calendar year. And of course, costs are a function of that performance. All that said, the team are working really hard to manage our costs as this mine ramps down. We're certainly not looking to carry anything that we don't need to as we move towards closure in 2027. I've put Kwinana next, just to touch on it quickly, but then we can talk a bit more on Greenbushes. As I said, 35% nameplate a quarter, 2.1 kiloton. We're tracking, you know, pretty much in line with our guidance as we've set out for the financial year. So we're up. so we're up We've got some strong confidence there and right through to the end of this calendar year. we've got some strong confidence there and right through to the end of this calendar year And of course, costs are a function of that performance. and of course costs are a function of that performance All that said, the team are working really hard to manage our costs as this mine ramps down. all that said the team are working really hard to manage our costs as this mine ramps down We're certainly not looking to carry anything that we don't need to as we move towards closure in 2027. we're certainly not looking to carry anything that we don't need to as we move towards closure in 2027 i've I've put Kwinana next, just to touch on it quickly, but then we can talk a bit more on Greenbushes. i've put kwinana next just to touch on it quickly but then we can talk a bit more on greenbushes As I said, 35% nameplate a quarter, 2.1 kiloton. as i said 35% nameplate a quarter 2.1 kiloton We're tracking, you know, pretty much in line with our guidance as we've set out for the financial year. we're tracking you know pretty much in line with our guidance as we've set out for the financial year The costs are up, and, you know, that's a function of the production through the quarter. We did take a bit out as the maintenance shut was done and some other modifications that were done to the plant. The next slide was drop into Greenbushes. So look, you know, it's a good quarter, lift on Q1 in production. Costs are still running strong... high relative, and that's obviously largely production related. As the tons ramp up, we'll see that come back in. The realized price lifted to AUD 850, which, you know, I think reflects this very close connection with the PRAs or the spot price in the market, and I'll talk more to that on the next slide. The costs are up, and, you know, that's a function of the production through the quarter. the costs are up and you know that's a function of the production through the quarter We did take a bit out as the maintenance shut was done and some other modifications that were done to the plant. we did take a bit out as the maintenance shut was done and some other modifications that were done to the plant The next slide was drop into Greenbushes. the next slide was drop into greenbushes So look, you know, it's a good quarter, lift on Q1 in production. so look you know it's a good quarter lift on q1 in production Costs are still running strong... high relative, and that's obviously largely production related. costs are still running strong high relative and that's obviously largely production related As the tons ramp up, we'll see that come back in. as the tons ramp up we'll see that come back in The realized price lifted to AUD 850, which, you know, I think reflects this very close connection with the PRAs or the spot price in the market, and I'll talk more to that on the next slide. the realized price lifted to aud 850 which you know i think reflects this very close connection with the pras or the spot price in the market and i'll talk more to that on the next slide I think it's something that's very favorable, particularly in this lifting market, very buoyant market now. The big news was obviously getting first ore through CGP3 late last year, just before Christmas. The team did find some issues as they started to run it up. They stopped and fixed those early in January and then got back into it. As I said, we've just seen first concentrate starting to come through. Look, the asset's working. I think they took the time it was down to check a few more things, hopefully avoid any more surprises. The work in front of them now is to ramp that up, hopefully smoothly. I think it's something that's very favorable, particularly in this lifting market, very buoyant market now. i think it's something that's very favorable particularly in this lifting market very buoyant market now The big news was obviously getting first ore through CGP3 late last year, just before Christmas. the big news was obviously getting first ore through cgp3 late last year just before christmas The team did find some issues as they started to run it up. the team did find some issues as they started to run it up They stopped and fixed those early in January and then got back into it. they stopped and fixed those early in january and then got back into it As I said, we've just seen first concentrate starting to come through. as i said we've just seen first concentrate starting to come through Look, the asset's working. look the asset's working I think they took the time it was down to check a few more things, hopefully avoid any more surprises. i think they took the time it was down to check a few more things hopefully avoid any more surprises The work in front of them now is to ramp that up, hopefully smoothly. the work in front of them now is to ramp that up hopefully smoothly We're gonna know more by our half year results in a few weeks' time or three weeks away. So I think that'll be a place where I can give you a more substantive update. At this point, it's a bit early, really, to say too much until we see a few more results start to come through. I have a couple of extra slides on Greenbushes and wanted to start, as we talked about in the last quarter, to just feed in more information to the extent I can, about both the life of mine optimization or the strategic review that we're doing and the focus on productivity. First thing I did want to touch on first, though, was just on the SC6 price growth, which I'm sure everybody's following closely in the market. We're gonna know more by our half year results in a few weeks' time or three weeks away. we're gonna know more by our half year results in a few weeks' time or three weeks away So I think that'll be a place where I can give you a more substantive update. so i think that'll be a place where i can give you a more substantive update At this point, it's a bit early, really, to say too much until we see a few more results start to come through. at this point it's a bit early really to say too much until we see a few more results start to come through I have a couple of extra slides on Greenbushes and wanted to start, as we talked about in the last quarter, to just feed in more information to the extent I can, about both the life of mine optimization or the strategic review that we're doing and the focus on productivity. i have a couple of extra slides on greenbushes and wanted to start as we talked about in the last quarter to just feed in more information to the extent i can about both the life of mine optimization or the strategic review that we're doing and the focus on productivity First thing I did want to touch on first, though, was just on the SC6 price growth, which I'm sure everybody's following closely in the market. first thing i did want to touch on first though was just on the sc6 price growth which i'm sure everybody's following closely in the market It's certainly moving very, very quickly. I would say relative to the expectations that I had, that's fine. It is what it is. I'm sure we're gonna have some ups and downs. We saw overnight that there was a bit of a downshift with GFEX and others, and I think we certainly expect to see some of the CATL supply out there start to be reintroduced. And I think this morning mentioned that they were looking at that. I'm sure we'll see more of that, which might pay for it. But really, the takeaway from this slide is the way that that translates for Greenbushes. It's certainly moving very, very quickly. it's certainly moving very very quickly I would say relative to the expectations that I had, that's fine. i would say relative to the expectations that i had that's fine It is what it is. it is what it is I'm sure we're gonna have some ups and downs. i'm sure we're gonna have some ups and downs We saw overnight that there was a bit of a downshift with GFEX and others, and I think we certainly expect to see some of the CATL supply out there start to be reintroduced. we saw overnight that there was a bit of a downshift with gfex and others and i think we certainly expect to see some of the catl supply out there start to be reintroduced And I think this morning mentioned that they were looking at that. and i think this morning mentioned that they were looking at that I'm sure we'll see more of that, which might pay for it. i'm sure we'll see more of that which might pay for it But really, the takeaway from this slide is the way that that translates for Greenbushes. but really the takeaway from this slide is the way that that translates for greenbushes As you know, when we take the average of the PRAs one month prior to the trades, but it's pretty much a very close connection to the spot price that's out there. Does give us a very good realized price that flows through. We don't have any of that lag or impact from contracts that you know might carry discounts or other frictions from a low area in the cycle. So I expect we're gonna see, obviously, some very effective lifts in our realized price over the coming months. The next slide then, I guess, brings to life how that translates into margin, which is one of the things, again, I called out before. As you know, when we take the average of the PRAs one month prior to the trades, but it's pretty much a very close connection to the spot price that's out there. as you know when we take the average of the pras one month prior to the trades but it's pretty much a very close connection to the spot price that's out there Does give us a very good realized price that flows through. does give us a very good realized price that flows through We don't have any of that lag or impact from contracts that you know might carry discounts or other frictions from a low area in the cycle. we don't have any of that lag or impact from contracts that you know might carry discounts or other frictions from a low area in the cycle So I expect we're gonna see, obviously, some very effective lifts in our realized price over the coming months. so i expect we're gonna see obviously some very effective lifts in our realized price over the coming months The next slide then, I guess, brings to life how that translates into margin, which is one of the things, again, I called out before. the next slide then i guess brings to life how that translates into margin which is one of the things again i called out before I think Greenbushes is one of those few mines of any mine in the world that generates extremely high margins. You know, we said 64% EBITDA for the last quarter, and I think the low end was just higher, 60%, at the absolute bottom of the cycle. But the thing that's really unique is it also drives fantastic cash conversion and translates it into returns that flow out of the business. They don't have to be reinvested to maintain production. I think Greenbushes is one of those few mines of any mine in the world that generates extremely high margins. i think greenbushes is one of those few mines of any mine in the world that generates extremely high margins You know, we said 64% EBITDA for the last quarter, and I think the low end was just higher, 60%, at the absolute bottom of the cycle. you know we said 64% ebitda for the last quarter and i think the low end was just higher 60% at the absolute bottom of the cycle But the thing that's really unique is it also drives fantastic cash conversion and translates it into returns that flow out of the business. but the thing that's really unique is it also drives fantastic cash conversion and translates it into returns that flow out of the business They don't have to be reinvested to maintain production. they don't have to be reinvested to maintain production This chart just brings to life what that looks like if you take 1.5 million tons, so current production level, roughly, at 2,000 tons, and then with the lift in production that's coming through CGP3, you know, the sort of excess cash that's generated through that step up, it allows us to visualize that. The next slide talks a bit to the optimization work that's ongoing. It's a slide that I have referred to before. Just to reorient everyone, we've got an overall review of the entire mine, which is, I guess, a life of mine optimization, and I'm gonna talk about one example of the kind of work that's happening there in a minute. That is significant. It's got a lot of external expertise helping us with it. This chart just brings to life what that looks like if you take 1.5 million tons, so current production level, roughly, at 2,000 tons, and then with the lift in production that's coming through CGP3, you know, the sort of excess cash that's generated through that step up, it allows us to visualize that. this chart just brings to life what that looks like if you take 1.5 million tons so current production level roughly at 2,000 tons and then with the lift in production that's coming through cgp3 you know the sort of excess cash that's generated through that step up it allows us to visualize that The next slide talks a bit to the optimization work that's ongoing. the next slide talks a bit to the optimization work that's ongoing It's a slide that I have referred to before. it's a slide that i have referred to before Just to reorient everyone, we've got an overall review of the entire mine, which is, I guess, a life of mine optimization, and I'm gonna talk about one example of the kind of work that's happening there in a minute. just to reorient everyone we've got an overall review of the entire mine which is i guess a life of mine optimization and i'm gonna talk about one example of the kind of work that's happening there in a minute That is significant. that is significant It's got a lot of external expertise helping us with it. it's got a lot of external expertise helping us with it It basically goes right back to the ore body, assesses the ore characterization, the design of the mine, how we manage waste, tailings, our grades, et cetera, top to tail and reassess that, in the optimal way. And in doing so, obviously, unlocks a lot of values. In parallel with that, we're also focused in with activity. Now, these things are naturally linked. Productivity work is happening now anyway, and that's focused across a number of different streams. All of that together, brings us to, I guess, our goal, which is achieving the full potential of Greenbushes. And, you know, Rob Telford, who's the CEO there at Talison, is doing a great job. He's got a lot to work through, and as the team he's put together are working through it. It basically goes right back to the ore body, assesses the ore characterization, the design of the mine, how we manage waste, tailings, our grades, et cetera, top to tail and reassess that, in the optimal way. it basically goes right back to the ore body assesses the ore characterization the design of the mine how we manage waste tailings our grades et cetera top to tail and reassess that in the optimal way And in doing so, obviously, unlocks a lot of values. and in doing so obviously unlocks a lot of values In parallel with that, we're also focused in with activity. in parallel with that we're also focused in with activity Now, these things are naturally linked. now these things are naturally linked Productivity work is happening now anyway, and that's focused across a number of different streams. productivity work is happening now anyway and that's focused across a number of different streams All of that together, brings us to, I guess, our goal, which is achieving the full potential of Greenbushes. all of that together brings us to i guess our goal which is achieving the full potential of greenbushes And, you know, Rob Telford, who's the CEO there at Talison, is doing a great job. and you know rob telford who's the ceo there at talison is doing a great job He's got a lot to work through, and as the team he's put together are working through it. he's got a lot to work through and as the team he's put together are working through it They are finding a whole range of issues, challenges, and changes they need to make, and that's part of the shift. But, I mean, we've seen Nova, in a short space of time, make this shift and this, you know, steady focus on production, stability, and safety. I don't share the safety results at Talison, but there is some challenges there as well. I think these things are linked, and Rob's got a really good set of programs and changes in place, step by step, to support the team to shift that culture and focus on safety, on production, reliability, on stability, and ultimately, productivity. It will drive our, you know, more tons and obviously, less costs as well. The example I want to refer to for the overall asset review really looks at the pit wall size. They are finding a whole range of issues, challenges, and changes they need to make, and that's part of the shift. they are finding a whole range of issues challenges and changes they need to make and that's part of the shift But, I mean, we've seen Nova, in a short space of time, make this shift and this, you know, steady focus on production, stability, and safety. but i mean we've seen nova in a short space of time make this shift and this you know steady focus on production stability and safety I don't share the safety results at Talison, but there is some challenges there as well. i don't share the safety results at talison but there is some challenges there as well I think these things are linked, and Rob's got a really good set of programs and changes in place, step by step, to support the team to shift that culture and focus on safety, on production, reliability, on stability, and ultimately, productivity. i think these things are linked and rob's got a really good set of programs and changes in place step by step to support the team to shift that culture and focus on safety on production reliability on stability and ultimately productivity It will drive our, you know, more tons and obviously, less costs as well. it will drive our you know more tons and obviously less costs as well The example I want to refer to for the overall asset review really looks at the pit wall size. the example i want to refer to for the overall asset review really looks at the pit wall size So steepening pit walls is something that naturally has risk or threat and opportunity, both ways. On the upside, it means a lot lower strip ratio, and in this case, you can see, and I'll talk to the line in a minute, but it starts to expose more metal or more material, valuable material that otherwise might not have been accessible. On the downside, if you get it wrong, you have a geotech issue or a failure in the wall that can sterilize more. So it needs a lot of careful work and thought. The team have brought in experts to help them with that. They are maturing their geotechnical management processes and activities. They're doing all the right work to make sure that we control those risks, but ultimately unlock a lot of value. So steepening pit walls is something that naturally has risk or threat and opportunity, both ways. so steepening pit walls is something that naturally has risk or threat and opportunity both ways On the upside, it means a lot lower strip ratio, and in this case, you can see, and I'll talk to the line in a minute, but it starts to expose more metal or more material, valuable material that otherwise might not have been accessible. on the upside it means a lot lower strip ratio and in this case you can see and i'll talk to the line in a minute but it starts to expose more metal or more material valuable material that otherwise might not have been accessible On the downside, if you get it wrong, you have a geotech issue or a failure in the wall that can sterilize more. on the downside if you get it wrong you have a geotech issue or a failure in the wall that can sterilize more So it needs a lot of careful work and thought. so it needs a lot of careful work and thought The team have brought in experts to help them with that. the team have brought in experts to help them with that They are maturing their geotechnical management processes and activities. they are maturing their geotechnical management processes and activities They're doing all the right work to make sure that we control those risks, but ultimately unlock a lot of value. they're doing all the right work to make sure that we control those risks but ultimately unlock a lot of value If you look through this chart, you'll see some little dotted lines that run out into the gray patch on the right-hand side. So that sort of pit shell, 2023 resource shell and 2021 resource shell, shows what the overall resource would be. You can imagine, if you actually did all of that strip, it's a huge huge amount of work and cost. The other point to note, though, is on top of that gray shaded area there on the left side of that slide, sits our plants. So it would require us moving a lot of the infrastructure and assets, which is extremely costly and painful. It's not to say you can't do it. I mean, that's the kind of work that other mines in the world have had to go through, but it's not very desirable. If you look through this chart, you'll see some little dotted lines that run out into the gray patch on the right-hand side. if you look through this chart you'll see some little dotted lines that run out into the gray patch on the right-hand side So that sort of pit shell, 2023 resource shell and 2021 resource shell, shows what the overall resource would be. so that sort of pit shell 2023 resource shell and 2021 resource shell shows what the overall resource would be You can imagine, if you actually did all of that strip, it's a huge huge amount of work and cost. you can imagine if you actually did all of that strip it's a huge huge amount of work and cost The other point to note, though, is on top of that gray shaded area there on the left side of that slide, sits our plants. the other point to note though is on top of that gray shaded area there on the left side of that slide sits our plants So it would require us moving a lot of the infrastructure and assets, which is extremely costly and painful. so it would require us moving a lot of the infrastructure and assets which is extremely costly and painful It's not to say you can't do it. it's not to say you can't do it I mean, that's the kind of work that other mines in the world have had to go through, but it's not very desirable. i mean that's the kind of work that other mines in the world have had to go through but it's not very desirable So the other way to tackle this is if you, if you take those little dotted lines that run into the gray, and if you draw them straight up to the edge of the gray and you steepen that wall significantly, you can start to access that, that high-grade floor. You can lower your strip ratio significantly, so you expose more metal, lower strip, much lower costs, and ultimately, drive an enormous amount of extra value out of the mine. That's the kind of example of work that's happening at the moment, and I wanted to do this to try and just illustrate it. So when you start to see more of the results and the information coming through, as we get through the decision, finalize our plans, and we can present that back to the market, you'll understand where that's come from. So the other way to tackle this is if you, if you take those little dotted lines that run into the gray, and if you draw them straight up to the edge of the gray and you steepen that wall significantly, you can start to access that, that high-grade floor. so the other way to tackle this is if you if you take those little dotted lines that run into the gray and if you draw them straight up to the edge of the gray and you steepen that wall significantly you can start to access that that high-grade floor You can lower your strip ratio significantly, so you expose more metal, lower strip, much lower costs, and ultimately, drive an enormous amount of extra value out of the mine. you can lower your strip ratio significantly so you expose more metal lower strip much lower costs and ultimately drive an enormous amount of extra value out of the mine That's the kind of example of work that's happening at the moment, and I wanted to do this to try and just illustrate it. that's the kind of example of work that's happening at the moment and i wanted to do this to try and just illustrate it So when you start to see more of the results and the information coming through, as we get through the decision, finalize our plans, and we can present that back to the market, you'll understand where that's come from. so when you start to see more of the results and the information coming through as we get through the decision finalize our plans and we can present that back to the market you'll understand where that's come from It just helps to give you a sense of the work that's happening. Equally, the care that we're taking to make sure that this is done properly. As many of you know, this mine is 135 years old. Even the pit we're working in is quite, quite mature and any changes to that, we need to make sure it's done with due care and attention. The last slide then on Greenbushes just speaks to the productivity throughout Australia that I mentioned earlier. We put in the sort of major areas of focus, mining being naturally a big one early, and I've put a couple of little charts in there to just illustrate the lift in productivity from the mining fleet. And, you know, that takes us to what we believe is industry average. It just helps to give you a sense of the work that's happening. it just helps to give you a sense of the work that's happening Equally, the care that we're taking to make sure that this is done properly. equally the care that we're taking to make sure that this is done properly As many of you know, this mine is 135 years old. as many of you know this mine is 135 years old Even the pit we're working in is quite, quite mature and any changes to that, we need to make sure it's done with due care and attention. even the pit we're working in is quite quite mature and any changes to that we need to make sure it's done with due care and attention The last slide then on Greenbushes just speaks to the productivity throughout Australia that I mentioned earlier. the last slide then on greenbushes just speaks to the productivity throughout australia that i mentioned earlier We put in the sort of major areas of focus, mining being naturally a big one early, and I've put a couple of little charts in there to just illustrate the lift in productivity from the mining fleet. we put in the sort of major areas of focus mining being naturally a big one early and i've put a couple of little charts in there to just illustrate the lift in productivity from the mining fleet And, you know, that takes us to what we believe is industry average. and you know that takes us to what we believe is industry average So we're not outperforming yet, but I want to give credit to the team, to Rob Adam and his mining team. They've made a lot of focus on this. They have hit a lot of issues and barriers. They're working through different challenges, but I think they're really starting to see some results come through now, and that will play out in our costs, obviously, our waste movement. The second area I want to talk about is in this production and plant performance, and that's a mix of utilization through better asset management and reliability, so we get that throughput, but also recovery. So more stability will drive recoveries and then work on to optimize recoveries. As part of that, we're also looking at value in use, which means what are the... So we're not outperforming yet, but I want to give credit to the team, to Rob Adam and his mining team. so we're not outperforming yet but i want to give credit to the team to rob adam and his mining team They've made a lot of focus on this. they've made a lot of focus on this They have hit a lot of issues and barriers. they have hit a lot of issues and barriers They're working through different challenges, but I think they're really starting to see some results come through now, and that will play out in our costs, obviously, our waste movement. they're working through different challenges but i think they're really starting to see some results come through now and that will play out in our costs obviously our waste movement The second area I want to talk about is in this production and plant performance, and that's a mix of utilization through better asset management and reliability, so we get that throughput, but also recovery. the second area i want to talk about is in this production and plant performance and that's a mix of utilization through better asset management and reliability so we get that throughput but also recovery So more stability will drive recoveries and then work on to optimize recoveries. so more stability will drive recoveries and then work on to optimize recoveries As part of that, we're also looking at value in use, which means what are the... as part of that we're also looking at value in use which means what are the What is the grade that we're selling to our customers? Is that optimal for them? What level of impurities? How much are we throttling the assets, the processing plants to achieve that? And what's the cost or value trade-offs? So we're asking those kind of questions as part of this to make sure that we really optimize this, recognizing the customer's interests and their costs, but equally, what's the best we can do with the plant? The business has run on producing SC6 and a fixed, you know, grade on impurities for a very long time, and we haven't really asked the question, and so we are, or at least testing it, and we'll see what makes sense. What is the grade that we're selling to our customers? what is the grade that we're selling to our customers Is that optimal for them? is that optimal for them What level of impurities? what level of impurities How much are we throttling the assets, the processing plants to achieve that? how much are we throttling the assets the processing plants to achieve that And what's the cost or value trade-offs? and what's the cost or value trade-offs So we're asking those kind of questions as part of this to make sure that we really optimize this, recognizing the customer's interests and their costs, but equally, what's the best we can do with the plant? so we're asking those kind of questions as part of this to make sure that we really optimize this recognizing the customer's interests and their costs but equally what's the best we can do with the plant The business has run on producing SC6 and a fixed, you know, grade on impurities for a very long time, and we haven't really asked the question, and so we are, or at least testing it, and we'll see what makes sense. the business has run on producing sc6 and a fixed you know grade on impurities for a very long time and we haven't really asked the question and so we are or at least testing it and we'll see what makes sense No decisions yet, but again, shows you the kind of work that's happening and the impact on productivity from these different streams is quite significant. So with that, that's a quick roundup on the operations, a bit more on Greenbushes. We'll turn it over to Kathleen and sort of touch on the highlights on the financials, and then we can get into some Q&A. No decisions yet, but again, shows you the kind of work that's happening and the impact on productivity from these different streams is quite significant. no decisions yet but again shows you the kind of work that's happening and the impact on productivity from these different streams is quite significant So with that, that's a quick roundup on the operations, a bit more on Greenbushes. so with that that's a quick roundup on the operations a bit more on greenbushes We'll turn it over to Kathleen and sort of touch on the highlights on the financials, and then we can get into some Q&A. we'll turn it over to kathleen and sort of touch on the highlights on the financials and then we can get into some q&a

Speaker 6: Thanks, Ivan. Welcome. Hi, everybody. Sales were net $32 million, and as Ivan indicated, it was largely due to the shipment timing from Nova. Nova's EBITDA was up AUD 42 million, which included some value adjustments with the increase in nickel price in the month of September. The share of net profit from TLA rounded to zero. Positive profit at Greenbushes being offset by losses at Kwinana, and this includes our share of capital expenditures, so we compare that at zero. I also wanted to call out again that we're running one month lag with pricing or so to me, so next quarter, we'll see the benefit of the higher pricing. Underlying EBITDA improved to AUD 30 million and was supported by Nova's result and some mark-to-market movements on the investments that we have. Thanks, Ivan. thanks ivan Welcome. welcome Hi, everybody. hi everybody Sales were net $32 million, and as Ivan indicated, it was largely due to the shipment timing from Nova. sales were net $32 million and as ivan indicated it was largely due to the shipment timing from nova Nova's EBITDA was up AUD 42 million, which included some value adjustments with the increase in nickel price in the month of September. nova's ebitda was up aud 42 million which included some value adjustments with the increase in nickel price in the month of september The share of net profit from TLA rounded to zero. the share of net profit from tla rounded to zero Positive profit at Greenbushes being offset by losses at Kwinana, and this includes our share of capital expenditures, so we compare that at zero. positive profit at greenbushes being offset by losses at kwinana and this includes our share of capital expenditures so we compare that at zero I also wanted to call out again that we're running one month lag with pricing or so to me, so next quarter, we'll see the benefit of the higher pricing. i also wanted to call out again that we're running one month lag with pricing or so to me so next quarter we'll see the benefit of the higher pricing Underlying EBITDA improved to AUD 30 million and was supported by Nova's result and some mark-to-market movements on the investments that we have. underlying ebitda improved to aud 30 million and was supported by nova's result and some mark-to-market movements on the investments that we have We remain laser-focused on cost control, but you'll note that, or I'd like to note that the cost this year had a one-off payment for, you know, our insurance in there as well, so that's inflated quarter. Free cash flow was positive at AUD 13 million, and our balance sheet continues to strengthen with the net cash increasing to AUD 299 million. So that's a great place to be. I think that summarizes that. And thank you very much, Ivan. We remain laser-focused on cost control, but you'll note that, or I'd like to note that the cost this year had a one-off payment for, you know, our insurance in there as well, so that's inflated quarter. we remain laser-focused on cost control but you'll note that or i'd like to note that the cost this year had a one-off payment for you know our insurance in there as well so that's inflated quarter Free cash flow was positive at AUD 13 million, and our balance sheet continues to strengthen with the net cash increasing to AUD 299 million. free cash flow was positive at aud 13 million and our balance sheet continues to strengthen with the net cash increasing to aud 299 million So that's a great place to be. so that's a great place to be I think that summarizes that. i think that summarizes that And thank you very much, Ivan. and thank you very much ivan

Speaker 4: Thanks, Kathleen. Well, look, we'll turn it over to Q&A. I'm trying a different mic. Hopefully, the sound quality is better for you. But yeah, we can open up and start taking some questions. Thanks, Kathleen. thanks kathleen Well, look, we'll turn it over to Q&A. well look we'll turn it over to q&a I'm trying a different mic. i'm trying a different mic Hopefully, the sound quality is better for you. hopefully the sound quality is better for you But yeah, we can open up and start taking some questions. but yeah we can open up and start taking some questions

Speaker 9: Thank you. If you wish to ask a question, you will need to press the star key followed by the number one on your telephone keypad. If you wish to cancel your request, please press star two. If you're on a speakerphone, please pick up the handset to ask your question. Your first question comes from Rahul Anand from Morgan Stanley. Please go ahead. Thank you. thank you If you wish to ask a question, you will need to press the star key followed by the number one on your telephone keypad. if you wish to ask a question you will need to press the star key followed by the number one on your telephone keypad If you wish to cancel your request, please press star two. if you wish to cancel your request please press star two If you're on a speakerphone, please pick up the handset to ask your question. if you're on a speakerphone please pick up the handset to ask your question Your first question comes from Rahul Anand from Morgan Stanley. your first question comes from rahul anand from morgan stanley Please go ahead. please go ahead

Speaker 10: Oh, hi, good morning. Thanks for the call. Just the first one for me is related to CGP3. Obviously, you've started commissioning and ramp up there. What is the rough timeline of you achieving that nameplate, please, just so that we can test our numbers going forward on that one? I'll come back with a second. Thanks. Oh, hi, good morning. oh hi good morning Thanks for the call. thanks for the call Just the first one for me is related to CGP3. just the first one for me is related to cgp3 Obviously, you've started commissioning and ramp up there. obviously you've started commissioning and ramp up there What is the rough timeline of you achieving that nameplate, please, just so that we can test our numbers going forward on that one? what is the rough timeline of you achieving that nameplate please just so that we can test our numbers going forward on that one I'll come back with a second. i'll come back with a second Thanks. thanks

Speaker 4: Yeah, it's about, in simple terms, 5 months, so the end of the calendar year. Yeah, it's about, in simple terms, 5 months, so the end of the calendar year. yeah it's about in simple terms 5 months so the end of the calendar year

Speaker 10: Got it. Okay, perfect. And then just on the pricing, we basically had you achieve the price during this quarter for, I guess, the months of September, October, and November. And even if I apply about a 5% discount, I'm still getting to a higher price. Now, obviously, I acknowledge that the shipment timings might have been a key impact here, but is that the right way to think about pricing? You know, September, October, November, and then based on when the ships basically are loaded and leave the port. Basically, you're selling, the timing is FOB basis. Is that right? Got it. got it Okay, perfect. okay perfect And then just on the pricing, we basically had you achieve the price during this quarter for, I guess, the months of September, October, and November. and then just on the pricing we basically had you achieve the price during this quarter for i guess the months of september october and november And even if I apply about a 5% discount, I'm still getting to a higher price. and even if i apply about a 5% discount i'm still getting to a higher price Now, obviously, I acknowledge that the shipment timings might have been a key impact here, but is that the right way to think about pricing? now obviously i acknowledge that the shipment timings might have been a key impact here but is that the right way to think about pricing You know, September, October, November, and then based on when the ships basically are loaded and leave the port. you know september october november and then based on when the ships basically are loaded and leave the port Basically, you're selling, the timing is FOB basis. basically you're selling the timing is fob basis Is that right? is that right

Speaker 4: Yeah, it is. We can double-check it and clarify. Yep, that's your misunderstanding is absolutely correct. Yeah, it is. yeah it is We can double-check it and clarify. we can double-check it and clarify Yep, that's your misunderstanding is absolutely correct. yep that's your misunderstanding is absolutely correct

Speaker 10: Yeah. Yeah, just 'cause, looking at our numbers for the price and also for consensus, the pricing was a tad bit weaker. So just wanted to understand if we're kind of modeling that correctly. Yeah. yeah Yeah, just 'cause, looking at our numbers for the price and also for consensus, the pricing was a tad bit weaker. yeah just 'cause looking at our numbers for the price and also for consensus the pricing was a tad bit weaker So just wanted to understand if we're kind of modeling that correctly. so just wanted to understand if we're kind of modeling that correctly

Speaker 4: Yeah, we'll double-check. I mean, we obviously do reconcile that, but we'll just make sure if there's something that's in, you know, in there, whether or it's tied to the shipment, possibly. I'm not sure, but we'll get back to you to make sure we've got the right inputs for your model. Yeah, we'll double-check. yeah we'll double-check I mean, we obviously do reconcile that, but we'll just make sure if there's something that's in, you know, in there, whether or it's tied to the shipment, possibly. i mean we obviously do reconcile that but we'll just make sure if there's something that's in you know in there whether or it's tied to the shipment possibly I'm not sure, but we'll get back to you to make sure we've got the right inputs for your model. i'm not sure but we'll get back to you to make sure we've got the right inputs for your model

Speaker 10: Excellent. And if I can just slip in one more just around, so if Greenbushes going forward, obviously a strong lithium price environment, and you've got a downstream partner there at the mine as well. You've talked about the age of the mine, and then also you're ramping up CGP3. And if I look at your sensitivity chart in terms of the sales volumes, you've obviously got about 2 million tons, which is what your current plans are. Have any conversations started as yet in terms of any future expansions at the mine and how they might look like in terms of underground, above ground? What type of hurdles you guys need to cross in terms of thinking about further expansions? Anything related to growth, I guess, in the Greenbushes space. Excellent. excellent And if I can just slip in one more just around, so if Greenbushes going forward, obviously a strong lithium price environment, and you've got a downstream partner there at the mine as well. and if i can just slip in one more just around so if greenbushes going forward obviously a strong lithium price environment and you've got a downstream partner there at the mine as well You've talked about the age of the mine, and then also you're ramping up CGP3. you've talked about the age of the mine and then also you're ramping up cgp3 And if I look at your sensitivity chart in terms of the sales volumes, you've obviously got about 2 million tons, which is what your current plans are. and if i look at your sensitivity chart in terms of the sales volumes you've obviously got about 2 million tons which is what your current plans are Have any conversations started as yet in terms of any future expansions at the mine and how they might look like in terms of underground, above ground? have any conversations started as yet in terms of any future expansions at the mine and how they might look like in terms of underground above ground What type of hurdles you guys need to cross in terms of thinking about further expansions? what type of hurdles you guys need to cross in terms of thinking about further expansions Anything related to growth, I guess, in the Greenbushes space. anything related to growth i guess in the greenbushes space

Speaker 4: Yeah, look, there's a lot going on there, but that's included in that broader life of mine optimization. The existing assets, so CGP1 and 2, we believe, can offer up a lot more productivity and throughput and production. So optimizing them naturally is bringing CGP3 up to its full potential as well. So that's using the existing suite of capital that we've deployed, the tailings retreatment facility. We're working through that study presently, so we know what to do there as well. So there is a lot happening in that space to recognize and drive growth from the existing capital base and make sure we've got the best from it. CGP4 is in the mix. Yeah, look, there's a lot going on there, but that's included in that broader life of mine optimization. yeah look there's a lot going on there but that's included in that broader life of mine optimization The existing assets, so CGP 1 and 2, we believe, can offer up a lot more productivity and throughput and production. the existing assets so cgp 1 and 2 we believe can offer up a lot more productivity and throughput and production So optimizing them naturally is bringing CGP 3 up to its full potential as well. so optimizing them naturally is bringing cgp 3 up to its full potential as well So that's using the existing suite of capital that we've deployed, the tailings retreatment facility. so that's using the existing suite of capital that we've deployed the tailings retreatment facility We're working through that study presently, so we know what to do there as well. we're working through that study presently so we know what to do there as well So there is a lot happening in that space to recognize and drive growth from the existing capital base and make sure we've got the best from it. so there is a lot happening in that space to recognize and drive growth from the existing capital base and make sure we've got the best from it CGP 4 is in the mix. cgp 4 is in the mix You know, it's one of those things that sits in the, in the schedule, and we've got to find where the optimum place for that is. We don't have that answer yet. It's, you know, there's a lot of moving parts in the, in the review that we're doing. It's very significant, but, you know, as I get more detail, you know, step by step, we'll, we'll feed it out. I guess I'm just as eager as you are, of course, to have that finished because it gives us a really clear new baseline to work against. And Rob and the team are working really hard. I think we'll see some, some of that come through in the reserve resource update we do later in February. And, you know, you've mentioned underground, so we're certainly looking at, at where that fits. You know, it's one of those things that sits in the, in the schedule, and we've got to find where the optimum place for that is. you know it's one of those things that sits in the in the schedule and we've got to find where the optimum place for that is We don't have that answer yet. we don't have that answer yet It's, you know, there's a lot of moving parts in the, in the review that we're doing. it's you know there's a lot of moving parts in the in the review that we're doing It's very significant, but, you know, as I get more detail, you know, step by step, we'll, we'll feed it out. it's very significant but you know as i get more detail you know step by step we'll we'll feed it out I guess I'm just as eager as you are, of course, to have that finished because it gives us a really clear new baseline to work against. i guess i'm just as eager as you are of course to have that finished because it gives us a really clear new baseline to work against And Rob and the team are working really hard. and rob and the team are working really hard I think we'll see some, some of that come through in the reserve resource update we do later in February. i think we'll see some some of that come through in the reserve resource update we do later in february And, you know, you've mentioned underground, so we're certainly looking at, at where that fits. and you know you've mentioned underground so we're certainly looking at at where that fits As we think about the overall resource, I've talked about pit wall steepening as one lever that, you know, obviously drives a lot of value, but equally understanding which part of the resource we want to target through the open pit versus underground, and then what the schedule and sequence of that is, is, again, work that's underway currently. As we think about the overall resource, I've talked about pit wall steepening as one lever that, you know, obviously drives a lot of value, but equally understanding which part of the resource we want to target through the open pit versus underground, and then what the schedule and sequence of that is, is, again, work that's underway currently. as we think about the overall resource i've talked about pit wall steepening as one lever that you know obviously drives a lot of value but equally understanding which part of the resource we want to target through the open pit versus underground and then what the schedule and sequence of that is is again work that's underway currently

Speaker 10: Got it. That's very comprehensive. Thank you for that. Appreciate it. Got it. got it That's very comprehensive. that's very comprehensive Thank you for that. thank you for that Appreciate it. appreciate it

Speaker 9: Thank you. Your next question comes from Levi Spry, from UBS. Please go ahead. Thank you. thank you Your next question comes from Levi Spry, from UBS. your next question comes from levi spry from ubs Please go ahead. please go ahead

Speaker 7: Yeah, good day. Thanks, Ivan and the team. Thanks for your time. So, do we have an updated expected date for the life of mine optimization? Yeah, good day. yeah good day Thanks, Ivan and the team. thanks ivan and the team Thanks for your time. thanks for your time So, do we have an updated expected date for the life of mine optimization? so do we have an updated expected date for the life of mine optimization

Speaker 4: No. No, sorry, Levi. I would love that, too. I'm pressing regularly. Rob, Rob's probably getting annoyed with me. But look, they're working hard. They're making progress. I think there are some areas where they dig in, they find things that they just have to do more work on. Technically to make sure that we're going to make the right decisions. So I will share a clear plan or at least a target once we have one, but I just don't have that to offer up at this point. No. no No, sorry, Levi. no sorry levi I would love that, too. i would love that too I'm pressing regularly. i'm pressing regularly Rob, Rob's probably getting annoyed with me. rob rob's probably getting annoyed with me But look, they're working hard. but look they're working hard They're making progress. they're making progress I think there are some areas where they dig in, they find things that they just have to do more work on. i think there are some areas where they dig in they find things that they just have to do more work on Technically to make sure that we're going to make the right decisions. technically to make sure that we're going to make the right decisions So I will share a clear plan or at least a target once we have one, but I just don't have that to offer up at this point. so i will share a clear plan or at least a target once we have one but i just don't have that to offer up at this point

Speaker 7: Yeah. Okay, thanks. In the absence of that, can you maybe, you know, you need a big second half as CGP3 ramps up. Can you just remind us of its operating parameters, maybe tons, grade, recovery, so full speed by the end of the year? What does that actually mean? Yeah. yeah Okay, thanks. okay thanks In the absence of that, can you maybe, you know, you need a big second half as CGP3 ramps up. in the absence of that can you maybe you know you need a big second half as cgp3 ramps up Can you just remind us of its operating parameters, maybe tons, grade, recovery, so full speed by the end of the year? can you just remind us of its operating parameters maybe tons grade recovery so full speed by the end of the year What does that actually mean? what does that actually mean

Speaker 4: Yeah, I mean, you're talking about the whole grade curve and so on. I mean, giving you the normal tons, 500,000 tons, it will run at. It's, I guess, design feed grade is the same as CGP2, which is about 1.8%. And, you know, it will run to, I guess, test recoveries. We are targeting higher than that. So, you've seen the results, CGP2 starting to rise, the team do more work on it. I guess, you know, our goal naturally from the ramp-up is that we don't have to go through that process, that we actually are hitting our grade curve from the outset and then beating it. But, you know, I'm not gonna promise that at this point. It's where the team's focused. Yeah, I mean, you're talking about the whole grade curve and so on. yeah i mean you're talking about the whole grade curve and so on I mean, giving you the normal tons, 500,000 tons, it will run at. i mean giving you the normal tons 500,000 tons it will run at It's, I guess, design feed grade is the same as CGP2, which is about 1.8%. it's i guess design feed grade is the same as cgp2 which is about 1.8% And, you know, it will run to, I guess, test recoveries. and you know it will run to i guess test recoveries We are targeting higher than that. we are targeting higher than that So, you've seen the results, CGP2 starting to rise, the team do more work on it. so you've seen the results cgp2 starting to rise the team do more work on it I guess, you know, our goal naturally from the ramp-up is that we don't have to go through that process, that we actually are hitting our grade curve from the outset and then beating it. i guess you know our goal naturally from the ramp-up is that we don't have to go through that process that we actually are hitting our grade curve from the outset and then beating it But, you know, I'm not gonna promise that at this point. but you know i'm not gonna promise that at this point It's where the team's focused. it's where the team's focused I don't know, is that what you're looking for? I mean, all those numbers we've shared previously, I'm just not sure there's nothing new at this stage that's going to change things until we get further into the ramp-up. I don't know, is that what you're looking for? i don't know is that what you're looking for I mean, all those numbers we've shared previously, I'm just not sure there's nothing new at this stage that's going to change things until we get further into the ramp-up. i mean all those numbers we've shared previously i'm just not sure there's nothing new at this stage that's going to change things until we get further into the ramp-up

Speaker 7: Yep. Okay. Thank you. So, just pushing a bit further on that. So just confirming on page seven of the preso, the 2 million ton rate. So do we take that as being the calendar year 2027 run rate? Yep. yep Okay. okay Thank you. thank you So, just pushing a bit further on that. so just pushing a bit further on that So just confirming on page seven of the preso, the 2 million ton rate. so just confirming on page seven of the preso the 2 million ton rate So do we take that as being the calendar year 2027 run rate? so do we take that as being the calendar year 2027 run rate

Speaker 4: No. That was an indication of, of margin at that volume. It's a, you know, it's a, a capacity. It's not a mine plan that we've issued as guidance yet. No. no That was an indication of, of margin at that volume. that was an indication of of margin at that volume It's a, you know, it's a, a capacity. it's a you know it's a a capacity It's not a mine plan that we've issued as guidance yet. it's not a mine plan that we've issued as guidance yet

Speaker 7: Yep. Okay. And so the next round of meetings with CEO and the Tianqi for guidance. So when is the 2026 budgets expected to be set? Yep. yep Okay. okay And so the next round of meetings with CEO and the Tianqi for guidance. and so the next round of meetings with ceo and the tianqi for guidance So when is the 2026 budgets expected to be set? so when is the 2026 budgets expected to be set

Speaker 4: We've been through that now. They're getting signed off as we speak. So that's the 2026 calendar year for Talison. We've been through that now. we've been through that now They're getting signed off as we speak. they're getting signed off as we speak So that's the 2026 calendar year for Talison. so that's the 2026 calendar year for talison

Speaker 7: Yep. Yep. yep

Speaker 4: And, um- And, um- and um-

Speaker 7: Yep. Yep. yep

Speaker 4: Naturally, we will then take that and build our guidance for the 27 financial year, obviously a bit closer to the time. Naturally, we will then take that and build our guidance for the 27 financial year, obviously a bit closer to the time. naturally we will then take that and build our guidance for the 27 financial year obviously a bit closer to the time

Speaker 7: Okay. Thank you. Thanks. Okay. okay Thank you. thank you Thanks. thanks

Speaker 9: Thank you. Your next question comes from Hugo Nicolaci from Goldman Sachs. Please go ahead. Thank you. thank you Your next question comes from Hugo Nicolaci from Goldman Sachs. your next question comes from hugo nicolaci from goldman sachs Please go ahead. please go ahead

Speaker 3: Morning, Ivan, Kathleen. Thanks for the update this morning. Just first one on your comments around Greenbushes' guidance, production sort of tracking slightly below, CapEx also below. I'm gonna try and triangulate those two comments. Is that just, you know, on, in terms of stripping at the mine, is that running a little bit behind and, and that's why, you know, your strip ratio has sort of fallen in the last quarter and, and why both production and, and CapEx might be lower for the year? Morning, Ivan, Kathleen . morning ivan, kathleen Thanks for the update this morning. thanks for the update this morning Just first one on your comments around Greenbushes' guidance, production sort of tracking slightly below, CapEx also below. just first one on your comments around greenbushes' guidance production sort of tracking slightly below capex also below I'm gonna try and triangulate those two comments. i'm gonna try and triangulate those two comments Is that just, you know, on, in terms of stripping at the mine, is that running a little bit behind and, and that's why, you know, your strip ratio has sort of fallen in the last quarter and, and why both production and, and CapEx might be lower for the year? is that just you know on in terms of stripping at the mine is that running a little bit behind and and that's why you know your strip ratio has sort of fallen in the last quarter and and why both production and and capex might be lower for the year

Speaker 4: No, they're not all linked, so stripping will come down, and I've talked about this example on pit walls. I mean, we'll see a material reduction, we expect, in our strip ratios through that, and that will trend down. You'll, you know, quarterly variations is more about weather impact through Q1, you obviously have less pit access and availability. They're now fully open, so that, you know, that'll look different. But the team are looking at where they tip waste, how they manage waste, the, you know, the grade and seeping of those waste stockpiles. There is a lot of changes that they're working through presently. So I, you know, don't want to try and characterize these things as just one cause for change. No, they're not all linked, so stripping will come down, and I've talked about this example on pit walls. no they're not all linked so stripping will come down and i've talked about this example on pit walls I mean, we'll see a material reduction, we expect, in our strip ratios through that, and that will trend down. i mean we'll see a material reduction we expect in our strip ratios through that and that will trend down You'll, you know, quarterly variations is more about weather impact through Q1, you obviously have less pit access and availability. you'll you know quarterly variations is more about weather impact through q1 you obviously have less pit access and availability They're now fully open, so that, you know, that'll look different. they're now fully open so that you know that'll look different But the team are looking at where they tip waste, how they manage waste, the, you know, the grade and seeping of those waste stockpiles. but the team are looking at where they tip waste how they manage waste the you know the grade and seeping of those waste stockpiles There is a lot of changes that they're working through presently. there is a lot of changes that they're working through presently So I, you know, don't want to try and characterize these things as just one cause for change. so i you know don't want to try and characterize these things as just one cause for change In terms of the production, look, it's partly grade-related, which was a bit better than we saw in Q1, of course, a little bit worse than we had in our plan, and that's just a normal reconciliation we're working through, the team are getting there. And the other bigger factor is, of course, just the way that CGP3 ramps are. That's really the key unknown. And, you know, what we anticipated in our guidance in terms of that start, we're behind. Is it not recoverable? No, not at this point, but that's what we're gonna see in the coming weeks or months, how that goes. That'll give us a gauge as to how the rest of this year looks and then obviously into the rest of the calendar year. In terms of the production, look, it's partly grade-related, which was a bit better than we saw in Q1, of course, a little bit worse than we had in our plan, and that's just a normal reconciliation we're working through, the team are getting there. in terms of the production look it's partly grade-related which was a bit better than we saw in q1 of course a little bit worse than we had in our plan and that's just a normal reconciliation we're working through the team are getting there And the other bigger factor is, of course, just the way that CGP3 ramps are. and the other bigger factor is of course just the way that cgp3 ramps are That's really the key unknown. that's really the key unknown And, you know, what we anticipated in our guidance in terms of that start, we're behind. and you know what we anticipated in our guidance in terms of that start we're behind Is it not recoverable? is it not recoverable No, not at this point, but that's what we're gonna see in the coming weeks or months, how that goes. no not at this point but that's what we're gonna see in the coming weeks or months how that goes That'll give us a gauge as to how the rest of this year looks and then obviously into the rest of the calendar year. that'll give us a gauge as to how the rest of this year looks and then obviously into the rest of the calendar year There's a few different moving parts. I certainly wouldn't tie them all together in terms of the production outcome for Q2. There's a few different moving parts. there's a few different moving parts I certainly wouldn't tie them all together in terms of the production outcome for Q2. i certainly wouldn't tie them all together in terms of the production outcome for q2

Speaker 3: Got it. In terms of the CapEx timing piece, so then I'm presuming those are all works that will still need to happen. So maybe that's more of a shuffling some of the CapEx into FY 2027 rather than things no longer out- Got it. got it In terms of the CapEx timing piece, so then I'm presuming those are all works that will still need to happen. in terms of the capex timing piece so then i'm presuming those are all works that will still need to happen So maybe that's more of a shuffling some of the CapEx into FY 2027 rather than things no longer out- so maybe that's more of a shuffling some of the capex into fy 2027 rather than things no longer out-

Speaker 4: Yeah. Yeah. yeah

Speaker 3: Is that fair? Is that fair? is that fair

Speaker 4: I mean, as I've talked about in prior quarters, I mean, Rob has got a very tight handle on CapEx. He's being very prudent, and he is pushing back on it, which is good, but we're not in a place where we've credited a downshift guidance on it yet. We'll see how, again, how that pans out now as they run up CGP 3. Obviously, some of those costs are capitalized until we get to commercial production. So there's a bit more to come, but I don't think you should read into that that there's, you know, a major shift that's impacting production. I mean, as I've talked about in prior quarters, I mean, Rob has got a very tight handle on CapEx. i mean as i've talked about in prior quarters i mean rob has got a very tight handle on capex He's being very prudent, and he is pushing back on it, which is good, but we're not in a place where we've credited a downshift guidance on it yet. he's being very prudent and he is pushing back on it which is good but we're not in a place where we've credited a downshift guidance on it yet We'll see how, again, how that pans out now as they run up CGP 3. we'll see how again how that pans out now as they run up cgp 3 Obviously, some of those costs are capitalized until we get to commercial production. obviously some of those costs are capitalized until we get to commercial production So there's a bit more to come, but I don't think you should read into that that there's, you know, a major shift that's impacting production. so there's a bit more to come but i don't think you should read into that that there's you know a major shift that's impacting production

Speaker 3: Got it. And then just sort of second one, I think, detailing off Rahul's question earlier around the, the realized pricing piece. Can you just remind us what sort of volumes are going out on the technical grade piece at the moment, and if that's also a, a bit of a delta there in, in terms of that realized pricing? Got it. got it And then just sort of second one, I think, detailing off Rahul's question earlier around the, the realized pricing piece. and then just sort of second one i think detailing off rahul's question earlier around the the realized pricing piece Can you just remind us what sort of volumes are going out on the technical grade piece at the moment, and if that's also a, a bit of a delta there in, in terms of that realized pricing? can you just remind us what sort of volumes are going out on the technical grade piece at the moment and if that's also a a bit of a delta there in in terms of that realized pricing

Speaker 4: ... It was very small. It wouldn't be material enough to affect the realized pricing. And we're talking 50-80,000 tons in a year, so it's very small prior. ... It was very small. it was very small It wouldn't be material enough to affect the realized pricing. it wouldn't be material enough to affect the realized pricing And we're talking 50-80,000 tons in a year, so it's very small prior. and we're talking 50-80,000 tons in a year so it's very small prior

Speaker 3: Yeah. Got it. Great. And then just last one, if I can, sort of back on the IGO level, and you, you've highlighted obviously the, the step change in potential cash generation for Greenbushes at, at current spodumene pricing, and we're two months through, your current quarter, basically pricing setting. Does that then enable you to start thinking about dividends back out to IGO shareholders, given you have that line of sight to, to cash flow when you're sort of at or above your threshold for excess returns already? Or is that maybe a little bit too early for February still? Yeah. yeah Got it. got it Great. great And then just last one, if I can, sort of back on the IGO level, and you, you've highlighted obviously the, the step change in potential cash generation for Greenbushes at, at current spodumene pricing, and we're two months through, your current quarter, basically pricing setting. and then just last one if i can sort of back on the igo level and you you've highlighted obviously the the step change in potential cash generation for greenbushes at at current spodumene pricing and we're two months through your current quarter basically pricing setting Does that then enable you to start thinking about dividends back out to IGO shareholders, given you have that line of sight to, to cash flow when you're sort of at or above your threshold for excess returns already? does that then enable you to start thinking about dividends back out to igo shareholders given you have that line of sight to to cash flow when you're sort of at or above your threshold for excess returns already Or is that maybe a little bit too early for February still? or is that maybe a little bit too early for february still

Speaker 4: Yeah. Yeah, definitely too early. I mean, I think we've got a very clear capital framework at Winfield, which we use to manage, dividends and obviously the debt there. Obviously, there were some movements in the debt. We'll work through that. We'll pay, you know, dividends out at Winfield to the shareholders, TLEA, in due course, and that'll be done, but again, based on that framework, you know, very well managed and controlled. And then the key discussion will be the TLEA as to what we wanna maintain there in liquidity and what the shareholders might then pay out. So certainly no discussions or decisions on that at this point. The first step is to see that cash really starting to flow out of Winfield. Yeah. yeah Yeah, definitely too early. yeah definitely too early I mean, I think we've got a very clear capital framework at Winfield, which we use to manage, dividends and obviously the debt there. i mean i think we've got a very clear capital framework at winfield which we use to manage dividends and obviously the debt there Obviously, there were some movements in the debt. obviously there were some movements in the debt We'll work through that. we'll work through that We'll pay, you know, dividends out at Winfield to the shareholders, TLEA, in due course, and that'll be done, but again, based on that framework, you know, very well managed and controlled. we'll pay you know dividends out at winfield to the shareholders tlea in due course and that'll be done but again based on that framework you know very well managed and controlled And then the key discussion will be the TLEA as to what we wanna maintain there in liquidity and what the shareholders might then pay out. and then the key discussion will be the tlea as to what we wanna maintain there in liquidity and what the shareholders might then pay out So certainly no discussions or decisions on that at this point. so certainly no discussions or decisions on that at this point The first step is to see that cash really starting to flow out of Winfield. the first step is to see that cash really starting to flow out of winfield

Speaker 3: Got it. Thanks, Ivan. I'll pass on. Got it. got it Thanks, Ivan. thanks ivan I'll pass on. i'll pass on

Speaker 4: Thanks. Thanks. thanks

Speaker 9: Thank you. Your next question comes from Kaan Peker from RBC. Please go ahead. Thank you. thank you Your next question comes from Kaan Peker from RBC. your next question comes from kaan peker from rbc Please go ahead. please go ahead

Speaker 5: Hi, Ivan and Cath. Just on that framework that you talked about with Winfield, AUD 150 million of debt paid this quarter, but no cash contribution to IGO. What's the priority now, further degearing or versus distribution? And as CGP3 ramps up, is there a set level or cash buffer that's required before distributions resume? We'll circle back for the second. Hi, Ivan and Cath. hi ivan and cath Just on that framework that you talked about with Winfield, AUD 150 million of debt paid this quarter, but no cash contribution to IGO. just on that framework that you talked about with winfield aud 150 million of debt paid this quarter but no cash contribution to igo What's the priority now, further degearing or versus distribution? what's the priority now further degearing or versus distribution And as CGP3 ramps up, is there a set level or cash buffer that's required before distributions resume? and as cgp3 ramps up is there a set level or cash buffer that's required before distributions resume We'll circle back for the second. we'll circle back for the second

Speaker 4: Yeah, let me pick up the last part first. So we've got... I mean, there is a cash buffer we will hold, that's not tied to CGP3 or any specific part of the asset. It's just a part of our overall capital framework, and that's being managed. Naturally, we'll look at then dividends versus the debt and, you know, the balance on that, and we'll take into account things like the US dollar and, you know, forward views on cash generation and so on. So all those decisions go through a pretty structured process with the board and the shareholders, and, you know, out of that, we'll let you know how that translates. Obviously, you know, the way this market behaves is gonna be relevant. Yeah, let me pick up the last part first. yeah let me pick up the last part first So we've got... so we've got I mean, there is a cash buffer we will hold, that's not tied to CGP3 or any specific part of the asset. i mean there is a cash buffer we will hold that's not tied to cgp3 or any specific part of the asset It's just a part of our overall capital framework, and that's being managed. it's just a part of our overall capital framework and that's being managed Naturally, we'll look at then dividends versus the debt and, you know, the balance on that, and we'll take into account things like the US dollar and, you know, forward views on cash generation and so on. naturally we'll look at then dividends versus the debt and you know the balance on that and we'll take into account things like the us dollar and you know forward views on cash generation and so on So all those decisions go through a pretty structured process with the board and the shareholders, and, you know, out of that, we'll let you know how that translates. so all those decisions go through a pretty structured process with the board and the shareholders and you know out of that we'll let you know how that translates Obviously, you know, the way this market behaves is gonna be relevant. obviously you know the way this market behaves is gonna be relevant Obviously, it's very buoyant right now, and certainly all the signals are for a very strong year of demand, but equally, we expect to see more supply come online, and once I see you can show you that other production as well. So, you know, I think before we get ahead of ourselves too far, we just wanna sort of see how that washes through and take a view then on how best to allocate that cash to drive maximum value for the business. Obviously, it's very buoyant right now, and certainly all the signals are for a very strong year of demand, but equally, we expect to see more supply come online, and once I see you can show you that other production as well. obviously it's very buoyant right now and certainly all the signals are for a very strong year of demand but equally we expect to see more supply come online and once i see you can show you that other production as well So, you know, I think before we get ahead of ourselves too far, we just wanna sort of see how that washes through and take a view then on how best to allocate that cash to drive maximum value for the business. so you know i think before we get ahead of ourselves too far we just wanna sort of see how that washes through and take a view then on how best to allocate that cash to drive maximum value for the business

Speaker 5: Just to confirm, it's de-gearing currently the focus? Just to confirm, it's de-gearing currently the focus? just to confirm it's de-gearing currently the focus

Speaker 4: No. Sorry, it's, yeah, no, it's not the focus. That was, you know, this is part of, obviously, a post managing in a, in a day-to-day sense. We will naturally wanna pay dividends and think about our debt, so it's, they're both, they're both important priorities. No. no Sorry, it's, yeah, no, it's not the focus. sorry it's yeah no it's not the focus That was, you know, this is part of, obviously, a post managing in a, in a day-to-day sense. that was you know this is part of obviously a post managing in a in a day-to-day sense We will naturally wanna pay dividends and think about our debt, so it's, they're both, they're both important priorities. we will naturally wanna pay dividends and think about our debt so it's they're both they're both important priorities

Speaker 5: Sure. Okay, maybe secondly, on Kwinana, conversion costs spiked materially this quarter. How much of that reverses with utilization, versus how much reflects embedded cost issues? Sure. sure Okay, maybe secondly, on Kwinana, conversion costs spiked materially this quarter. okay maybe secondly on kwinana conversion costs spiked materially this quarter How much of that reverses with utilization, versus how much reflects embedded cost issues? how much of that reverses with utilization versus how much reflects embedded cost issues

Speaker 4: No, it's been largely impacted by the maintenance, because remember, we don't capitalize anything. Everything is expensed. And obviously the production volume is impacted through that period, so you've got a compounding set of impacting elements there. You know, I think the team are working to drive our costs, and as we're looking at, and we're working through 2026 budget for Kwinana, there is a lot of pressure on that, as you'd appreciate, and CapEx as well. So the team, you know, naturally are trying to find ways to drive better reliability and better performance, but do that with less cost as well. And I would not take Q2 as the marker that says it's trending up or that's the run rate going forward. No, it's been largely impacted by the maintenance, because remember, we don't capitalize anything. no it's been largely impacted by the maintenance because remember we don't capitalize anything Everything is expensed. everything is expensed And obviously the production volume is impacted through that period, so you've got a compounding set of impacting elements there. and obviously the production volume is impacted through that period so you've got a compounding set of impacting elements there You know, I think the team are working to drive our costs, and as we're looking at, and we're working through 2026 budget for Kwinana, there is a lot of pressure on that, as you'd appreciate, and CapEx as well. you know i think the team are working to drive our costs and as we're looking at and we're working through 2026 budget for kwinana there is a lot of pressure on that as you'd appreciate and capex as well So the team, you know, naturally are trying to find ways to drive better reliability and better performance, but do that with less cost as well. so the team you know naturally are trying to find ways to drive better reliability and better performance but do that with less cost as well And I would not take Q2 as the marker that says it's trending up or that's the run rate going forward. and i would not take q2 as the marker that says it's trending up or that's the run rate going forward

Speaker 5: Cool. Thank you. Cool. cool Thank you. thank you

Speaker 9: Thank you. Your next question comes from Mathew Frydman from MST Financial. Please go ahead. Thank you. thank you Your next question comes from Mathew Frydman from MST Financial. your next question comes from mathew frydman from mst financial Please go ahead. please go ahead

Speaker 8: Sure. Thanks. Morning, Ivan and Cath. Can I ask another one on the ramp-up of CGP3, which I guess you called out as the biggest factor in the software guidance commentary you've given? Can you give us any more information on the specific issues that have been faced and dealt with so far that you mentioned earlier on the call? You know, was there anything specific related to equipment or feed or people or anything? And then in your view, are there any sort of key risks or checkpoints now looking forward, or is it just a sort of steady improvement over the course of the year? Thanks. Sure. sure Thanks. thanks Morning, Ivan and Cath. morning ivan and cath Can I ask another one on the ramp-up of CGP3, which I guess you called out as the biggest factor in the software guidance commentary you've given? can i ask another one on the ramp-up of cgp3 which i guess you called out as the biggest factor in the software guidance commentary you've given Can you give us any more information on the specific issues that have been faced and dealt with so far that you mentioned earlier on the call? can you give us any more information on the specific issues that have been faced and dealt with so far that you mentioned earlier on the call You know, was there anything specific related to equipment or feed or people or anything? you know was there anything specific related to equipment or feed or people or anything And then in your view, are there any sort of key risks or checkpoints now looking forward, or is it just a sort of steady improvement over the course of the year? and then in your view are there any sort of key risks or checkpoints now looking forward or is it just a sort of steady improvement over the course of the year Thanks. thanks

Speaker 4: Yeah, I would, you know, share what I can. It's a good question. It's equipment-related, so one of the mills needed some realignment. It's not an unusual problem. It's frustrating because you kinda go, "Well, how did that not get dealt with earlier?" But it happens. I've been through a few of those. We've just needed some resealing. Again, you know, not fantastic because it's painful to do it. It's not a big issue. It's just logistically, to get back in and fix some of these things, just takes a bit of time. The good news was the team used some of that downtime while they were working through some of these issues to then just go back over motors, pumps, et cetera, and pump test and check and just really get confidence. Yeah, I would, you know, share what I can. yeah i would you know share what i can It's a good question. it's a good question It's equipment-related, so one of the mills needed some realignment. it's equipment-related so one of the mills needed some realignment It's not an unusual problem. it's not an unusual problem It's frustrating because you kinda go, "Well, how did that not get dealt with earlier?" But it happens. it's frustrating because you kinda go "well how did that not get dealt with earlier?" but it happens I've been through a few of those. i've been through a few of those We've just needed some resealing. we've just needed some resealing Again, you know, not fantastic because it's painful to do it. again you know not fantastic because it's painful to do it It's not a big issue. it's not a big issue It's just logistically, to get back in and fix some of these things, just takes a bit of time. it's just logistically to get back in and fix some of these things just takes a bit of time The good news was the team used some of that downtime while they were working through some of these issues to then just go back over motors, pumps, et cetera, and pump test and check and just really get confidence. the good news was the team used some of that downtime while they were working through some of these issues to then just go back over motors pumps et cetera and pump test and check and just really get confidence You know, I think they changed out a few loose pieces so that we can get a, you know, hopefully a cleaner next phase of the commissioning and ramp up. But for anyone who's been through these things before, there's plenty of unknowns, so you have to be very careful not to get too excited one way or the other. It's still pretty early in the process to sort of see how it behaves. I think the good news is you talk about the other things that could be a factor. So feed is fine. That's all good. People and capability. We've got a great team there. Rob lined up well. Paul, who's the project director, you know, got an integrated team for commissioning. Strong team in place, so we feel comfortable with that. You know, I think they changed out a few loose pieces so that we can get a, you know, hopefully a cleaner next phase of the commissioning and ramp up. you know i think they changed out a few loose pieces so that we can get a you know hopefully a cleaner next phase of the commissioning and ramp up But for anyone who's been through these things before, there's plenty of unknowns, so you have to be very careful not to get too excited one way or the other. but for anyone who's been through these things before there's plenty of unknowns so you have to be very careful not to get too excited one way or the other It's still pretty early in the process to sort of see how it behaves. it's still pretty early in the process to sort of see how it behaves I think the good news is you talk about the other things that could be a factor. i think the good news is you talk about the other things that could be a factor So feed is fine. so feed is fine That's all good. that's all good People and capability. people and capability We've got a great team there. we've got a great team there Rob lined up well. rob lined up well Paul, who's the project director, you know, got an integrated team for commissioning. paul who's the project director you know got an integrated team for commissioning Strong team in place, so we feel comfortable with that. strong team in place so we feel comfortable with that We've got great support from the vendors. Got access to all the support equipment that we need. So there's no big risks there that we're deeply worried about. But, you know, I just think it's way too early to call or to get a better, a real sense. I think by the time we can get to our half, I'll get a better read on how things are going. At this point, though, I'm just pleased with, you know, we've got first time. They're starting to basically run the plant and actually start to see what the recoveries are, how it's behaving, and, you know, obviously look at tuning in the reagents and all of the normal steps you take in that first month or so from start. We've got great support from the vendors. we've got great support from the vendors Got access to all the support equipment that we need. got access to all the support equipment that we need So there's no big risks there that we're deeply worried about. so there's no big risks there that we're deeply worried about But, you know, I just think it's way too early to call or to get a better, a real sense. but you know i just think it's way too early to call or to get a better a real sense I think by the time we can get to our half, I'll get a better read on how things are going. i think by the time we can get to our half i'll get a better read on how things are going At this point, though, I'm just pleased with, you know, we've got first time. at this point though i'm just pleased with you know we've got first time They're starting to basically run the plant and actually start to see what the recoveries are, how it's behaving, and, you know, obviously look at tuning in the reagents and all of the normal steps you take in that first month or so from start. they're starting to basically run the plant and actually start to see what the recoveries are how it's behaving and you know obviously look at tuning in the reagents and all of the normal steps you take in that first month or so from start

Speaker 8: Okay, thanks for that, Ivan. That's, that's helpful. Then secondly, you've, as you called out, put some additional, sort of numbers in the presentation there around some of the recent, productivity improvements at Greenbushes, you know, improved truck utilization, improved material movement, and you suggested that that, that will flow through into the cost line over time. Obviously, there's a lot of moving parts that go into the final cash cost number, but, I guess I'm wondering, in isolation, are you able to maybe put some dollars around some of those mining productivity improvements? I mean, what's, what's the goal for where you think you can get the, the cost of material, movement with, with some of this productivity improvement? Is it, you know, is it AUD 10 a ton? Okay, thanks for that, Ivan. okay thanks for that ivan That's, that's helpful. that's that's helpful Then secondly, you've, as you called out, put some additional, sort of numbers in the presentation there around some of the recent, productivity improvements at Greenbushes, you know, improved truck utilization, improved material movement, and you suggested that that, that will flow through into the cost line over time. then secondly you've as you called out put some additional sort of numbers in the presentation there around some of the recent productivity improvements at greenbushes you know improved truck utilization improved material movement and you suggested that that that will flow through into the cost line over time Obviously, there's a lot of moving parts that go into the final cash cost number, but, I guess I'm wondering, in isolation, are you able to maybe put some dollars around some of those mining productivity improvements? obviously there's a lot of moving parts that go into the final cash cost number but i guess i'm wondering in isolation are you able to maybe put some dollars around some of those mining productivity improvements I mean, what's, what's the goal for where you think you can get the, the cost of material, movement with, with some of this productivity improvement? i mean what's what's the goal for where you think you can get the the cost of material movement with with some of this productivity improvement Is it, you know, is it AUD 10 a ton? is it you know is it aud 10 a ton Is it $7 a ton or whatever the number is from a ballpark perspective, what's the team working towards? I suspect you'll tell me that some of that will come out in the life of mine optimization piece. But yeah, just wondering if there's any sort of high-level thoughts around that at the moment. Thanks. Is it $7 a ton or whatever the number is from a ballpark perspective, what's the team working towards? is it $7 a ton or whatever the number is from a ballpark perspective what's the team working towards I suspect you'll tell me that some of that will come out in the life of mine optimization piece. i suspect you'll tell me that some of that will come out in the life of mine optimization piece But yeah, just wondering if there's any sort of high-level thoughts around that at the moment. but yeah just wondering if there's any sort of high-level thoughts around that at the moment Thanks. thanks

Speaker 4: Yeah, it will. I mean, I don't want to give you a number yet. I mean, it's, that is the conversation, of course, when we go through budgets and we're pressing the team, they're a bit, you know, gun shy to offer it up in the first year because it's still a, you know, work in progress. But, you know, we've started to see a profile through 2026, 2027, which really does show some substantive improvements in unit costs on those underlying activities, and I think that will naturally flow through. We, you know, we're also, as every mine does, fighting grade decline. So some of it is eroded indirectly through that or set. But, you know, the goal is net net. Yeah, it will. yeah it will I mean, I don't want to give you a number yet. i mean i don't want to give you a number yet I mean, it's, that is the conversation, of course, when we go through budgets and we're pressing the team, they're a bit, you know, gun shy to offer it up in the first year because it's still a, you know, work in progress. i mean it's that is the conversation of course when we go through budgets and we're pressing the team they're a bit you know gun shy to offer it up in the first year because it's still a you know work in progress But, you know, we've started to see a profile through 2026, 2027, which really does show some substantive improvements in unit costs on those underlying activities, and I think that will naturally flow through. but you know we've started to see a profile through 2026 2027 which really does show some substantive improvements in unit costs on those underlying activities and i think that will naturally flow through We, you know, we're also, as every mine does, fighting grade decline. we you know we're also as every mine does fighting grade decline So some of it is eroded indirectly through that or set. so some of it is eroded indirectly through that or set But, you know, the goal is net net. but you know the goal is net net We're actually beating that and both through increased throughput or production and also then in these just, just more efficient work through less stripping and so on, that we're actually continuing to strengthen our position as the lowest cost lithium rock producer in the world by a long shot and just keep on consolidating. So Rob's, I think I've mentioned it before, you know, he's sort of put that broader goal out there to be the lowest cost lithium units in the world. And he's, you know, there's still a gap to the very best brines out there, but it's, it's, it's in shooting range, so I think it's a good target, a good challenge for the team to think and say, "What does it take? You know, how, how could you run this mine differently? We're actually beating that and both through increased throughput or production and also then in these just, just more efficient work through less stripping and so on, that we're actually continuing to strengthen our position as the lowest cost lithium rock producer in the world by a long shot and just keep on consolidating. we're actually beating that and both through increased throughput or production and also then in these just just more efficient work through less stripping and so on that we're actually continuing to strengthen our position as the lowest cost lithium rock producer in the world by a long shot and just keep on consolidating So Rob's, I think I've mentioned it before, you know, he's sort of put that broader goal out there to be the lowest cost lithium units in the world. so rob's i think i've mentioned it before you know he's sort of put that broader goal out there to be the lowest cost lithium units in the world And he's, you know, there's still a gap to the very best brines out there, but it's, it's, it's in shooting range, so I think it's a good target, a good challenge for the team to think and say, "What does it take? and he's you know there's still a gap to the very best brines out there but it's it's it's in shooting range so i think it's a good target a good challenge for the team to think and say "what does it take You know, how, how could you run this mine differently? you know how how could you run this mine differently What needs to be true for us to start to get that level of cost performance?" That's not going to come in a quarter or two, of course. I guess what I'm trying to do is the extent I can share information as we do, just feed it out step by step to give you a greater insight and picture on improvements, and then also give you some of those underlying productivity and performance numbers so that you can update your view of the asset. What needs to be true for us to start to get that level of cost performance?" That's not going to come in a quarter or two, of course. what needs to be true for us to start to get that level of cost performance?" that's not going to come in a quarter or two of course I guess what I'm trying to do is the extent I can share information as we do, just feed it out step by step to give you a greater insight and picture on improvements, and then also give you some of those underlying productivity and performance numbers so that you can update your view of the asset. i guess what i'm trying to do is the extent i can share information as we do just feed it out step by step to give you a greater insight and picture on improvements and then also give you some of those underlying productivity and performance numbers so that you can update your view of the asset

Speaker 8: Okay. Thanks, Ivan. We'll continue waiting for the study outcomes with bated breath. Thanks a lot. Okay. okay Thanks, Ivan. thanks ivan We'll continue waiting for the study outcomes with bated breath. we'll continue waiting for the study outcomes with bated breath Thanks a lot. thanks a lot

Speaker 4: Thanks, pal. Thanks, pal. thanks pal

Speaker 9: Thank you. Your next question comes from Austin Yun, from Macquarie. Please go ahead. Thank you. thank you Your next question comes from Austin Yun, from Macquarie. your next question comes from austin yun from macquarie Please go ahead. please go ahead

Speaker 1: Morning, Ivan team. Just, so one quick question. Yeah, most of the questions have been asked already. So just one on the base metal strategies. I think previously you were talking about, you know, outside of lithium, you were looking at just, you know, other early-stage opportunities. Just conscious that, you know, given this, this sense like a windfall of cash coming from the strong lithium markets, how does that change your thinking of, you know, the exploration of the other opportunities? Could we see some capital being allocated to that part in addition to shareholder returns and debt repayments? Thank you. Morning, Ivan team. morning ivan team Just, so one quick question. just so one quick question Yeah, most of the questions have been asked already. yeah most of the questions have been asked already So just one on the base metal strategies. so just one on the base metal strategies I think previously you were talking about, you know, outside of lithium, you were looking at just, you know, other early-stage opportunities. i think previously you were talking about you know outside of lithium you were looking at just you know other early-stage opportunities Just conscious that, you know, given this, this sense like a windfall of cash coming from the strong lithium markets, how does that change your thinking of, you know, the exploration of the other opportunities? just conscious that you know given this this sense like a windfall of cash coming from the strong lithium markets how does that change your thinking of you know the exploration of the other opportunities Could we see some capital being allocated to that part in addition to shareholder returns and debt repayments? could we see some capital being allocated to that part in addition to shareholder returns and debt repayments Thank you. thank you

Speaker 4: Look, Austin, it's a great question. No, it really doesn't change. I mean, the criteria that we've applied since I started two years ago, with a lot of discipline and, you know, has been a big part of this. There's real clarity around kind of returns that we're looking for from any growth needs to be in that ballpark around Greenbushes. We don't want to heavily dilute our business and, you know, trying to hit Greenbushes, you can imagine that's a very high bar. And so if we can allocate capital first there, then naturally that's gonna be the most accretive and most sensible thing to do, which we're focused on. Dealing with things that are a drag on our returns, i.e. Kwinana, which we're working through, we've been clear about that. And then to add something to it-... Look, Austin, it's a great question. look austin it's a great question No, it really doesn't change. no it really doesn't change I mean, the criteria that we've applied since I started two years ago, with a lot of discipline and, you know, has been a big part of this. i mean the criteria that we've applied since i started two years ago with a lot of discipline and you know has been a big part of this There's real clarity around kind of returns that we're looking for from any growth needs to be in that ballpark around Greenbushes. there's real clarity around kind of returns that we're looking for from any growth needs to be in that ballpark around greenbushes We don't want to heavily dilute our business and, you know, trying to hit Greenbushes, you can imagine that's a very high bar. we don't want to heavily dilute our business and you know trying to hit greenbushes you can imagine that's a very high bar And so if we can allocate capital first there, then naturally that's gonna be the most accretive and most sensible thing to do, which we're focused on. and so if we can allocate capital first there then naturally that's gonna be the most accretive and most sensible thing to do which we're focused on Dealing with things that are a drag on our returns, i.e. dealing with things that are a drag on our returns i.e Kwinana, which we're working through, we've been clear about that. kwinana which we're working through we've been clear about that And then to add something to it-... and then to add something to it- I mean, it's difficult, hence why we've been, you know, continuing to be very disciplined. If we saw something that we felt would deliver appropriate returns, sure. The lithium price, to be honest, or having and the translation of that into cash doesn't really change that decision. Because we have a nice form of cash available to us, we're not gonna be, you know, more eager to make a decision there. It will be on the same criteria regardless. Arguably, the best time to be doing things, if you saw it, was five months ago or eight months ago. So, it comes back to, you know, our eyes to value, and we've got a very high bar, and that's, you know, good and bad. I mean, it's difficult, hence why we've been, you know, continuing to be very disciplined. i mean it's difficult hence why we've been you know continuing to be very disciplined If we saw something that we felt would deliver appropriate returns, sure. if we saw something that we felt would deliver appropriate returns sure The lithium price, to be honest, or having and the translation of that into cash doesn't really change that decision. the lithium price to be honest or having and the translation of that into cash doesn't really change that decision Because we have a nice form of cash available to us, we're not gonna be, you know, more eager to make a decision there. because we have a nice form of cash available to us we're not gonna be you know more eager to make a decision there It will be on the same criteria regardless. it will be on the same criteria regardless Arguably, the best time to be doing things, if you saw it, was five months ago or eight months ago. arguably the best time to be doing things if you saw it was five months ago or eight months ago So, it comes back to, you know, our eyes to value, and we've got a very high bar, and that's, you know, good and bad. so it comes back to you know our eyes to value and we've got a very high bar and that's you know good and bad It's an absolute privilege to be part of the custodian of Greenbushes, and it just means that our growth has to be very, very focused. That's probably all I can say at this point, Austin, but it's, yeah, more of the same. It's an absolute privilege to be part of the custodian of Greenbushes, and it just means that our growth has to be very, very focused. it's an absolute privilege to be part of the custodian of greenbushes and it just means that our growth has to be very very focused That's probably all I can say at this point, Austin, but it's, yeah, more of the same. that's probably all i can say at this point austin but it's yeah more of the same

Speaker 1: Thank you. Thank you. thank you

Speaker 9: Thank you. Once again, if you wish to ask a question, please press star one. Your next question comes from Daniel Morgan, from Barrenjoey. Please go ahead. Thank you. thank you Once again, if you wish to ask a question, please press star one. once again if you wish to ask a question please press star one Your next question comes from Daniel Morgan, from Barrenjoey. your next question comes from daniel morgan from barrenjoey Please go ahead. please go ahead

Speaker 2: Hi, Ivan and team. Just a simple one, really. Grades at Greenbushes, I think if I'm hearing correctly, they're back above 2%. And so therefore, the implication is, like, just putting CGP3 to the side, not, you know, stripping that out from, from this question. We should expect a material lift in production for the next couple of quarters from the existing business, not CG, CGP3, correct? Hi, Ivan and team. hi ivan and team Just a simple one, really. just a simple one really Grades at Greenbushes, I think if I'm hearing correctly, they're back above 2%. grades at greenbushes i think if i'm hearing correctly they're back above 2% And so therefore, the implication is, like, just putting CGP3 to the side, not, you know, stripping that out from, from this question. and so therefore the implication is like just putting cgp3 to the side not you know stripping that out from from this question We should expect a material lift in production for the next couple of quarters from the existing business, not CG, CGP3, correct? we should expect a material lift in production for the next couple of quarters from the existing business not cg cgp3 correct

Speaker 4: Yeah. Well, you'll get a lift, yes. Yeah. yeah Well, you'll get a lift, yes. well you'll get a lift yes

Speaker 2: Yeah. Yeah. yeah

Speaker 4: I think it's, I mean, a number of those grades, clearly, equally interruption. We had a pretty good quarter, weather-wise. Some rain late, later than expected through Q2, but very, you know, Q1 is always gonna be a challenge. So there's naturally some of those impacts, grades impact. And then the productivity is the other piece, which I know Adam and his team are working very hard on. I'm pushing and expecting to see, you know, them to deliver results through all of that hard work as well. I think it's, I mean, a number of those grades, clearly, equally interruption. i think it's i mean a number of those grades clearly equally interruption We had a pretty good quarter, weather-wise. we had a pretty good quarter weather-wise Some rain late, later than expected through Q2, but very, you know, Q1 is always gonna be a challenge. some rain late later than expected through q2 but very you know q1 is always gonna be a challenge So there's naturally some of those impacts, grades impact. so there's naturally some of those impacts grades impact And then the productivity is the other piece, which I know Adam and his team are working very hard on. and then the productivity is the other piece which i know adam and his team are working very hard on I'm pushing and expecting to see, you know, them to deliver results through all of that hard work as well. i'm pushing and expecting to see you know them to deliver results through all of that hard work as well

Speaker 2: Okay. Thank you for your perspectives. Okay. okay Thank you for your perspectives. thank you for your perspectives

Speaker 4: Thanks, Dan. Thanks, Dan. thanks dan

Speaker 9: Thank you. There are no further questions at this time. I'll now hand back to Mr. Vella for closing remarks. Thank you. thank you There are no further questions at this time. there are no further questions at this time I'll now hand back to Mr. Vella for closing remarks. i'll now hand back to mr vella for closing remarks

Speaker 4: All right. Thank you. Look, we've finished well, which is nice. Gives you guys hopefully a break before the next one. I won't say too much. I mean, just to recap, I think Nova was really pleased. As I said, safety, production, cost, just hitting, hitting the mark. This is an operation that we focus on. Yes, it's relatively small and simple, but you know, it's a signpost of how we wanna bring our capability to operating a mine. And I think all credit to the team. They've done a great job there and set this year up very well. So that's great. Unfortunately, it's only a year to go, not another ten. It is what it is, though. They'll manage that through. Greenbushes, a better quarter. The big focus is CGP3. All right. all right Thank you. thank you Look, we've finished well, which is nice. look we've finished well which is nice Gives you guys hopefully a break before the next one. gives you guys hopefully a break before the next one I won't say too much. i won't say too much I mean, just to recap, I think Nova was really pleased. i mean just to recap i think nova was really pleased As I said, safety, production, cost, just hitting, hitting the mark. as i said safety production cost just hitting hitting the mark This is an operation that we focus on. this is an operation that we focus on Yes, it's relatively small and simple, but you know, it's a signpost of how we wanna bring our capability to operating a mine. yes it's relatively small and simple but you know it's a signpost of how we wanna bring our capability to operating a mine And I think all credit to the team. and i think all credit to the team They've done a great job there and set this year up very well. they've done a great job there and set this year up very well So that's great. so that's great Unfortunately, it's only a year to go, not another ten. unfortunately it's only a year to go not another ten It is what it is, though. it is what it is though They'll manage that through. they'll manage that through Greenbushes, a better quarter. greenbushes a better quarter The big focus is CGP3. the big focus is cgp3 Naturally, we're very pleased to be ramping that up into a lifting and buoyant market. It's fantastic, and there's a huge amount of focus to make sure that's smooth. And ideally, we meet all of our plans. That's always gonna be the target, but at this stage, it's early. We just need to back the team and support them as they get through that work. All that said, I mean, this is the time when Greenbushes really shines. This is the period of lifting price, a buoyant market, when you see the very best hard rock lithium asset in the world, turn it on, more production and a whole lot more margin. So we're really pleased to be part of that and continue to work with the team to improve the performance. Naturally, we're very pleased to be ramping that up into a lifting and buoyant market. naturally we're very pleased to be ramping that up into a lifting and buoyant market It's fantastic, and there's a huge amount of focus to make sure that's smooth. it's fantastic and there's a huge amount of focus to make sure that's smooth And ideally, we meet all of our plans. and ideally we meet all of our plans That's always gonna be the target, but at this stage, it's early. that's always gonna be the target but at this stage it's early We just need to back the team and support them as they get through that work. we just need to back the team and support them as they get through that work All that said, I mean, this is the time when Greenbushes really shines. all that said i mean this is the time when greenbushes really shines This is the period of lifting price, a buoyant market, when you see the very best hard rock lithium asset in the world, turn it on, more production and a whole lot more margin. this is the period of lifting price a buoyant market when you see the very best hard rock lithium asset in the world turn it on more production and a whole lot more margin So we're really pleased to be part of that and continue to work with the team to improve the performance. so we're really pleased to be part of that and continue to work with the team to improve the performance Thanks for everyone's attention and support, and we look forward to talking to you soon at the half-year results. Thanks for everyone's attention and support, and we look forward to talking to you soon at the half-year results. thanks for everyone's attention and support and we look forward to talking to you soon at the half-year results

Speaker 9: That does conclude our conference for today. Thank you for participating. You may now disconnect. That does conclude our conference for today. that does conclude our conference for today Thank you for participating. thank you for participating You may now disconnect. you may now disconnect