Good afternoon, ladies and gentlemen. I welcome you to the 2024 Annual General Meeting of Deterra Royalties. My name is Jennifer Seabrook, and I am Chair of Deterra Royalties. Our annual general meeting is being delivered from the traditional lands of the Whadjuk people of the Noongar nation, and I would like to acknowledge them as the traditional custodians and pay our respects to their elders, both past and present. We wish to acknowledge and respect their continuing culture and the contribution they make to the life of this city and the region. I note a quorum is present, and I declare the meeting open. With me here today is our Managing Director and Chief Executive Officer, Julian Andrews; Non-Executive Directors, Graeme Devlin, Jason Neal, Adele Stratton; Our General Counsel and Company Secretary, Bronwyn Kerr; and our Chief Financial Officer and Joint Company Secretary, Jason Clifton.
Also in attendance at today's meeting are representatives of our auditor, PricewaterhouseCoopers, our share registry, Computershare, and our legal advisors, King & Wood Mallesons. Bronwyn will now run through the meeting procedures.
So in terms of housekeeping, in an emergency, please follow any instructions given to you. For the benefit of all attending the meeting, please, can you turn off your mobile phones now or switch them to silent? The company released the notice of the meeting for today's meeting on the twentieth of September, 2024. The Notice of Meeting can be viewed on the ASX and Deterra websites, as well as the Computershare website. This meeting is being live-streamed. Shareholders accessing the live stream will be able to listen to participants speak and see the presentation slides online via the webcast. However, as set out in the notice of the meeting for today's meeting, this meeting is held as a physical meeting only and is not being conducted as a hybrid meeting.
As set out in the Notice of Meeting, shareholders not in attendance and who have not appointed a proxy, attorney, or representative will not be able to vote, ask questions, or make comments via the webcast. Voting today will be conducted by way of a poll on all business items. For those in attendance, the persons entitled to vote on the poll are all shareholders, representatives, and attorneys of shareholders, and proxy holders who hold green admission cards. On the reverse of your green admission card is your voting paper and instructions. Proxy holders have attached to their admission card a summary of proxy votes, which details the voting instructions. By completing the voting paper, you are deemed to have voted in accordance with these instructions.
In respect of any open votes a proxy holder may be entitled to cast, you need to mark a box beside the motion to indicate how you wish to cast your open votes. Shareholders also need to mark a box beside the motion to indicate how you wish to cast your votes. After the final resolution, Computershare will collect all green voting cards. For those in attendance, while every effort has been made to ensure that this meeting runs... Those not in attendance, while every effort has been made to ensure that this meeting runs smoothly for our shareholders, if technology issues do arise, you'll be able to access the meeting addresses and the results of voting on the ASX platform and on our website.
I now declare voting open on all items of business. We will pause at appropriate junctures to enable any questions to be put to the meeting and for voting to occur. The number of proxy votes received will be displayed on the screen in relation to each resolution. Please note that a number of open proxies have been received for the Chair's discretion. I will be directing these open proxies in favor of each resolution. As the results of the poll will not be available before the meeting closes, they will be released to the ASX and made available on our website later today. Katja Zinke from Computershare has agreed to be the Returning Officer. The formal business for this meeting will now commence with my address. 2024 was a very important year for Deterra, with a focus on both growth and investment.
We saw the successful completion of the ramp-up of South Flank expansion at Mining Area C, an expansion that has driven significant organic growth for the company through the more than doubling of nameplate capacity. And we announced the first step in the execution of our investment strategy with the acquisition of the Trident portfolio. Our Managing Director will talk in more detail about the particulars of the Trident acquisition shortly, but I would like to spend a few moments to talk about the rationale for our strategy and our approach. There is no doubt that the Mining Area C royalty is a world-class asset that has delivered outstanding returns.
In the four years since our listing in 2020, its annual revenue has more than doubled, and it has generated more than AUD 800 million in revenue, which has allowed us to distribute more than AUD 550 million in fully franked dividends, all our profits in that period. It will no doubt continue to deliver outstanding returns for many years. Mining Area C is the world's largest iron ore hub, accounting for 9% of global seaborne iron ore trade, with a multi-decade life ahead of it and the potential for further extension or expansion. It is very important, though, not to lose sight of the value of this royalty in its own right. However, we need to acknowledge that the Mining Area C royalty is nearing the end of the South Flank-driven growth phase.
Over the past four years, we have spoken consistently about our strategy to build the business beyond just a single asset exposure. To be clear, this is not the case of pursuing growth for growth's sake. Rather, it is recognition that by introducing new sources of earnings and resources successfully over time, there is an opportunity to have that reflected in improved market ratings because of increased optionality, as has been demonstrated by some of our larger diversified peers in the precious metals space. We acknowledge that executing on such a strategy can take time, but that lag effect is the same for any company investing in new assets, and more so in the royalty space. We have shown we have been disciplined, patient, and value-focused in our execution of this strategy, and we will continue to be so.
We believe that the Trident acquisition is well-timed, both in terms of the development and de-risking of key assets. It is countercyclical with respect to key commodities, and it will deliver significant value for shareholders over many years. In that regard, we must remember it took a long time before the value of Mining Area C royalties was reflected in the market. It only had value to the market when it began to be developed by BHP, even though its optionality existed well before that time. When a company grows, it usually needs to fund that investment, and we are no different. We've been very clear that when it comes to doing so, we will look to all options, including debt, equity, or cash generated from our existing portfolio.
In funding the Trident acquisition, having regard to the state of the capital markets, as well as the short-term cash-generating capacity of the portfolio, we chose to use the debt facilities that we have put in place exactly for this purpose. Although the company has headroom available under these facilities, we have flagged a minimum dividend payout ratio of 50% to provide the option of using earnings to replenish these facilities. To be clear, this does not reflect a change in our capital management philosophy, and decisions on funding future growth opportunities will still consider all options, including debt and equity. We are aware that this shift in our focus from organic growth to investment and associated changes in capital management, whilst consistent with our strategy, has resulted in some changes in our shareholder base, with investors selling out because of the move beyond MAC.
I note the feedback the board has received from some shareholders in this regard. We will engage further with our shareholders on our strategy and their feedback. Consistent with our strategy, we look forward to establishing a more balanced business that derives consistent value over time with the support of our shareholders. From a governance perspective, March this year saw the retirement of one of our original directors, Dr. Joanne Warner. Dr. Warner was a member of the board and chair of the People and Performance Committee from the time of our listing, and I would like to thank her once again for her contribution to the company. This reduced the number of non-executive directors down to four.
We are continually reviewing the composition of the board to ensure that we have the skills and experience to meet the needs of the company, depending on, on its strategy in the medium and longer term, and to allow for succession. All independent non-executive directors are pulling their weight, with Jason Neal as chair of the People and Performance Committee, Graeme Devlin as chair of the Audit and Risk Committee, as well as the Nomination and Governance Committee, and myself chairing the board and the Sustainability Committee. Adele Stratton brings a wealth of strategic, corporate, and financial advice to the board, and we value her contribution as the representative of the 20% shareholder, Iluka. In closing, investing in royalties is a long-term business. It should not be judged by the iron ore or lithium or gold price of the day.
It should be judged by the resources in the ground and the opportunity for more resources to be found, developed, expanded, and extended. We have been transparent about spending the last four years looking for other opportunities which could add value to our existing portfolio, and during this period, we did not build a war chest by retaining earnings to create liquidity for investment, a model that is used by most other royalty companies. Rather, we exercised capital discipline by establishing liquidity facilities and returning earnings to you, our shareholders, when they were not required for investment. Throughout that period, with the support of shareholders, we have employed board and executive skills which matched this strategy of growth through investment. This year, we found an opportunity in Trident and Thacker Pass that the board believes will add value in the medium term.
We also determined that utilizing our debt and replenishing these debt facilities through dividend payout ratio policy over time is an efficient way to fund this investment. I note, however, with concern, comments we have received that any investment will dilute the value of MAC. This is not our plan. Our plan is to add value to our asset base. The board looks forward to further conversations with shareholders about these concerns. I will now hand over to our Managing Director, Julian Andrews, for his address.
Thank you, Jenny, and good afternoon, and thank you for joining us. Looking back on FY 2024, it was another year of strong performance from our producing assets. Although although overall production volumes from Mining Area C were down slightly on the previous year at 125 million wet tonnes, revenue from the royalty was up 5% on stronger realized pricing. Receipts from our mineral sands royalties were also up 16%. Although we did not receive any capacity payments from Mining Area C this year, as full nameplate capacity was achieved on a run rate basis late in the period, to the extent that these production rates are achieved for an extended time in the current year, the potential for additional capacity payments remains.
Consistent with the royalty model, earnings margins remained high, and we reported a net profit of AUD 155 million, which was passed through to shareholders as fully franked dividends. This brings our total dividend payment since listing in late 2020 to more than AUD 550 million. Looking forward, clearly, we're at an important stage for the company. We're approaching the end of a period of organic growth that we've experienced through the significant increase in iron ore volumes from the ramp-up of the South Flank expansion at Mining Area C and at a time of resiliently high iron ore prices.
Right from the time of our listing four years ago, we've consistently articulated our strategy to build the company beyond only this organic growth in the existing portfolio into one that can continue to deliver sustainable value for all shareholders over the medium and long term. This strategy and its rationale are straightforward and have not changed. We believe that through the introduction of quality assets that provide diversification benefits and growth optionality over time, we can attract higher market ratings over what is otherwise essentially a single asset business. To put it at its most simple, our focus remains to create value by providing a globally diversified royalty portfolio with strong and resilient cash flows, multiple sources of optionality and growth over time, and leverage to our scalable operating cost structure. Our acquisition of Trident Royalties is consistent with this strategy.
As we've spoken about in the past, we've considered a large number of potential investment opportunities over the past four years, but haven't executed on any of them, as we didn't believe they would deliver appropriate value to our shareholders. We chose to execute on Trident, as we firmly believe it does deliver appropriate value for the following reasons. First, in its flagship asset, a royalty over Lithium Americas' Thacker Pass project, we see the hallmarks of a MAC-like asset 20-25 years ago. It's a large deposit that has the potential for multiple decades of production and extension or expansion ahead of it and is located in a Tier One mining jurisdiction. Thacker Pass will provide exposure to lithium, one of the key materials for energy transition that we believe has strong long-term fundamentals.
The project is well advanced with permitting in place, significant conditional funding commitments from the U.S. Department of Energy and General Motors, among others, and a final investment decision expected by the end of the year. Lithium Americas has stated this would have commissioning and first production in 2027, and therefore, first royalty flows to Deterra, or as early as three years from now. Second, Trident's suite of gold offtake agreements provide immediate cash flows and earnings. These contracts operate somewhat like a streaming arrangement, under which we receive delivery of gold at a price based on the traded price within a quotation period of six to eight days. By selling these ounces within that period, we're able to generate a margin while having significant downside protection. These offtake agreements historically have generated realized margins of 1.34%.
This might sound modest in the context of the Mining Area C royalties, but in calendar 2023, the offtakes delivered more than 270,000 ounces and more than AUD 10 million in revenue. These contracts generate meaningful cash flow, particularly now at a time when gold is at record levels above AUD 4,000 an ounce and are valuable assets. Third, Trident brings a portfolio of 11 other royalties across a range of commodities, including copper, at various stages of production or development. As with any portfolio, this tail of development assets is important as a source of future growth options. As with the Thacker Pass lithium royalty and the suite of gold offtake arrangements, the overall portfolio of royalties and income streams we acquired with Trident provides significant upside with minimal, if any, downside.
Deterra does not have to contribute to capital expenditure calls as these various underlying mining projects are developed, expanded, or extended. Rather, we are now in a position where our portfolio spreads from the existing mature income-generating operations like Mining Area C and the gold offtakes, to near-term growth generators like Thacker Pass, and long-term opportunities like New World Resources' Antler project and Avino's La Preciosa project. Finally, Trident has already brought us intangible benefits in raising our profile and enhancing our networks, particularly in North America, where most of the world's leading royalty companies are based. Our chair has already touched on feedback from shareholders, but I want to take this opportunity to provide some more context. We value greatly our engagements with all investors and proxy advisor groups, and appreciate and respect your opinions and feedback. At Deterra, we're committed to delivering attractive and sustainable shareholder returns.
It's an unwavering commitment which we're able to execute on because of the strong foundations of the Mining Area C royalty. As I've just outlined, the strategy underpinning the Trident deal aligns with Deterra's stated vision since we listed this company four years ago: to diversify our income streams to provide these long-term, sustainable returns. Trident fits that bill. Let me also comment on Thacker Pass, Trident's flagship asset. Some shareholders have expressed surprise at the timing of our investment in lithium, given the commodity's recent performance. But we see this as a deliberate countercyclical investment, an opportunity to get exposure to a quality asset of scale at a time when pricing is low. We believe the long-term supply and demand fundamentals of lithium are positive and will support the return from our investment in the project's multi-decade life.
Recently, we've seen others express positive views of the future of lithium, and as I flagged a little earlier, just last week, General Motors, one of the world's largest car makers, increased its investment in Thacker Pass by $295 million, bringing its total investment in the project to $945 million, as well as extending its offtake commitments with Thacker Pass's owner and developer, Lithium Americas. Once finalized, this agreement between Lithium Americas and General Motors, together with the U.S. Department of Energy's $2.3 billion conditional commitment, will see Lithium Americas having largely secured the CapEx it needs for the first phase of the Thacker Pass development. While the Trident acquisition is an important investment in its own right, it is not the end of our investment strategy.
As we've done for the last four years, we will continue to evaluate opportunities to add to our portfolio through value-accretive investment in bulk, base, and battery commodities, consistent with our commitment to deliver attractive and sustainable shareholder returns. We firmly believe sensible additions to the portfolio will provide attractive returns and ultimately grow our earnings over time, and this will add more value for shareholders over the medium and long term than a simple passive asset strategy based on a single asset. In closing, it's been an important year in the development of the company, with continued strong financial performance and an acquisition aligned with our investment strategy. We will remain focused on our core principles of creating value for shareholders and building the business in, and the portfolio in a patient and disciplined way.
On behalf of the Deterra team, I thank you for your ongoing support and interest in the company. Thank you.
Are there any questions on Julian's address or my own, which shareholders would like to ask at this time, noting that questions which specifically relate to the resolutions will be considered later in the meeting? When shareholders have a question, could you state your name and, if relevant, the organization you represent?
My name is Ross Ferguson. I'm from the ASA, and actually representing Geoff Green of the ASA monitor. Just a couple of questions that Geoff posed, relevant to the Trident acquisition. Just wondering when it will become earnings accretive?
We take this?
We haven't put out any projections around earnings associated with Trident, but as you'd expect, you know, the first half results for FY 2025 will include some one-off costs associated with the transaction itself. But clearly, we, you know, we believe this will be an accretive transaction for our shareholders in the medium to long term.
Medium to long term. Okay. And, when do you expect the royalties will cover your debt?
So as you're aware, we've funded this through debt. We've put out, you know, we've disclosed that our cost of debt is around 5.75%. So on that basis, we would expect the gold offtake agreements alone are close to covering the cost of that debt, and then we have other royalties that are producing revenue that also contribute to that. Clearly, the investment case for the acquisition is built on the assets that are coming in in the sort of the short to medium term, like Thacker Pass, which we would expect to start generating revenue in 2027. There are also other assets that have milestone payments associated with them in the period between now and then.
So broadly, in thinking about the investment case, we see those currently producing assets as, you know, supporting the investment in the case, while the Thacker Pass asset in particular moves towards production.
Great, thank you. And just one more question: do you propose to close the U.K. office and move it all here or?
So we will, we're going through a process of structuring, you know, realigning the structure of the business. We anticipate keeping a small presence in the UK for administrative purposes. But, you know, we clearly see a significant reduction in the cost and headcount associated with that office.
Thank you.
Are there any other questions? If there are no other questions, I'll move to the first item of business. The first item of business listed in the Notice of Meeting is to receive and consider the company's financial statements for the year ended the thirtieth of June, 2024, together with the declaration of the directors, the Directors' Report, the Remuneration Report, and the Auditor's Report. In accordance with the Corporations Act, there is no vote on this item. This item of business provides shareholders with the opportunity to ask questions about the reports, audit, and management of the company. Ian Campbell, sitting over here, a partner of PricewaterhouseCoopers, is available to answer any questions relevant to the conduct of the audit and the preparation and the content of the Auditor's Report.
I confirm that no written questions to the auditor were submitted to the company under Section 250PA of the Corporations Act before the meeting. Are there any questions on this item of business? If there are no questions, I will now proceed to the resolutions on the Notice of Meeting for shareholder consideration. I refer you to Resolution One in the Notice of Meeting, which relates to the adoption of the Remuneration Report. The proxy votes received on this resolution are displayed on the screen. The resolution is that for the purposes of Section 250R(2) of the Corporations Act, and for all other purposes, approval is given for the adoption of the Remuneration Report as contained in the company's annual financial report for the financial year ended the thirtieth of June, 2024.
This resolution is advisory only and does not bind the company or the directors of the company. Nevertheless, we will take into account the outcome of the vote and any questions raised in a court in considering our remuneration framework and practices in future years. The voting prohibition statement applicable to this resolution is set out in the Notice of Meeting and is displayed on the screen. Is it? I will now invite shareholders to comment on or ask any questions they may have on Resolution One. If there are no questions, I will put the resolution to the meeting. If you haven't done so, please now cast your vote on this item. As my re-election as a director is the subject of the next resolution, I will now invite Non-Executive Director and Chair of the Nominations and Governance Committee, Graeme Devlin, to move the next item of business.
Thank you, Jenny. I refer you to Resolution Two of the Notice of Meeting, which relates to the re-election of Jenny Seabrook. Details of Jenny's qualifications and experience are set out in the Notice of Meeting and in the Deterra Royalties Annual Report. Jenny is a highly experienced and knowledgeable director and an extremely effective chair. She routinely challenges and questions executives to ensure all possible concerns and risks are understood, identified, and managed appropriately. However, the board acknowledges a matter raised by some, which relates to perceptions of Jenny's independence, given that she'd been a director of Iluka prior to it being demerged into Deterra. Jenny resigned from the board of Iluka prior to Deterra being demerged four years ago. Her leadership of the board has manifestly reflected her independence. Please be assured that all directors consider Jenny to be an independent chair.
Jenny will now address the meeting.
I think most of you know me, but I'll give you a short summary. I have been a non-executive director now for more than thirty years, initially combining roles with my executive career and then solely on my retirement from executive roles about ten years ago. Currently, as well as being chair of Deterra, I am chair of a large Western Australian private building materials company, BGC, and I'm on the board and chair of the audit committee of HBF. I have been a board member of a number of large listed and unlisted companies, and federal and state government corporations. I've also been on a number of federal and state government advisory panels, including the Takeovers Panel and ASX Advisory Panel. I have a Bachelor of Commerce, and my executive career spans auditing, banking, capital markets, and investment banking.
I believe I bring a wealth of experience from my executive life and my governance experience to Deterra, and I look forward to its growth should I be re-elected. Thank you.
Thanks, Jen. The proxy votes received on this resolution are displayed on the screen. The resolution is that for the purpose of Clause 8.1 of the Constitution, ASX Listing Rule 14.4, and for all other purposes, Jennifer Seabrook, a director who has elected to retire and stand for re-election, and being eligible, is elected as a director. I now invite shareholders to comment on or ask any questions they may have in relation to Resolution Two. If there are no questions, I put the resolution to the meeting. If you haven't already done so, please now cast your vote on this item. I'll now invite Jenny to move the next item of business.
Thanks, Graeme. I refer you now to Resolution Three on the Notice of Meeting, which relates to the election of Adele Stratton. Details of Adele's qualifications and experience are set out in the Notice of Meeting and the 2024 Deterra Royalties Annual Report. Adele is an intelligent and strategic contribution to all board discussions, bringing the wealth of her experience in corporate life to bear, providing astute guidance and facilitating open and challenging debate. Adele will now address the meeting.
Thank you, Chair, and good afternoon, everyone. As Jenny said, my name is Adele Stratton, and I'm here seeking endorsement for re-election as a non-executive director to the board of Deterra Royalties. I've had the pleasure of being an inaugural board member of Deterra since its inception in 2020, and I am the nominee director for Iluka Resources, Deterra's largest shareholder with a 20% shareholding. I have over 20 years' experience working in finance. I am currently serving as the Chief Financial Officer and Head of Development for Iluka Resources, and I've had a variety of roles across my time with Iluka in my 13-year tenure, and those include leading investor relations, as well as strategy and business development. I started my career as a chartered accountant, working for KPMG, both in the U.K. practice, but also here in Perth.
My experience includes strategy and investment analysis, including portfolio development from early-stage exploration through to M&A activities, finance, technical accounting, and capital management, and also risk management. I look forward to contributing to the success of Deterra, and I thank you for your ongoing support. Thanks.
Thanks. Thanks, Adele. The proxy votes received on this resolution are displayed on the screen. The resolution is that for the purposes of Clause 8.1 of the Constitution, ASX Listing Rule 14.4, and for all other purposes, Adele Stratton, a director who has elected to retire and stand for re-election, and being eligible, is elected as a director. I now invite shareholders to comment on and ask any questions they may have on Resolution Three. If there are no questions, I put the resolution to the meeting. If you haven't already done so, please now cast your vote on this item. I refer you now to Resolution Four of the Notice of Meeting, which relates to the grant of securities to the Managing Director and Chief Executive Officer.
This resolution asks shareholders to approve the grant of share rights and performance rights to the Managing Director and Chief Executive Officer, Mr. Julian Andrews, under the company's Equity Incentive Plan on the terms summarized in the Notice of Meeting. I will now hand over to the Chair of our People and Performance Committee, Jason Neal, to speak on this resolution.
Thank you, Jenny. Details of the material terms of the short-term incentives and long-term incentives proposed to be offered to Mr Andrews are set forward in the Notice of Meeting, including in Schedules one and two of the Explanatory Statement. Mr Andrews' maximum short-term incentive opportunity will be equal to 40% of his total fixed remuneration. The board has not recommended any change to the structure of the short-term incentives offered to Mr Andrews for the financial year ending June thirtieth, 2025. The scorecard categories for 2025 will comprise strategic initiatives, shareholder returns, people, culture, and capability, and ESG. Consistent with market practice, we do not disclose publicly the commercially sensitive details of our strategic goals and detailed financial targets in advance.
We recognize shareholders' legitimate interests in understanding the rationale for short-term incentive outcomes once they have been decided, and we will ensure that sufficient detail is provided in our fiscal year 2025 disclosure materials to substantiate the STI outcomes on a transparent basis. Mr. Andrews' long-term maximum incentive opportunity will be equal to 100% of his total fixed remuneration. The board has suggested a new performance metric be added to the long-term incentives offered to Mr. Andrews for the financial year ending June thirtieth, 2025. This metric assesses our performance using a group of 15 internationally listed royalty and streaming companies, including our company. We have selected this peer group because the companies share a business model and adopt a broadly similar capital structure to us.
However, the portfolio composition, portfolio compositions include regulatory and operating environments and dividend policies, which are different. In light of the diversity of the peer group, the board has chosen to recognize relative TSR performance within a broad performance range. The threshold for vesting is the fortieth percentile of relative TSR outcomes, and the maximum payout is achieved at the eightieth percentile or higher of relative TSR outcomes. Only one-third of the LTI is subject to the new royalty TSR. Two-thirds of the LTI remains subject to the market metrics in previous years, namely, share price growth compared to the iron ore index pricing and total shareholder return compared to the ASX 200 Resources Accumulation Index. No change to the quantum of the long-term incentive is proposed. I will now hand back to Jenny.
Thanks, Jason. The proxy votes received on this resolution are displayed on the screen. The resolution is that approval be given for the purposes of ASX Listing Rule 10.14 and for all other purposes, for the grant of FY 2025 deferred short-term incentive share rights and FY 2025 long-term incentive performance rights to the Managing Director and Chief Executive Officer, Mr. Julian Andrews, under the company's Equity Incentive Plan, including the issue or transfer of shares on the vesting and exercise of those short-term incentive share rights and long-term incentive performance rights on the terms detailed in the Explanatory Statement accompanying this Notice of Meeting. The voting exclusion and prohibition statements applicable to this resolution are set out in the Notice of Meeting and are displayed on the screen.
I now invite shareholders to comment on or ask any questions they may have on Resolution Four. If there are no questions, I put the resolution to the meeting. If you haven't done so already, please now cast your vote on this item. Ladies and gentlemen, that concludes all the resolutions to be put to the meeting. I ask that all shareholders complete their voting before I close the poll. Computershare representatives will now walk around the room and collect the green voting cards. Should you require any assistance, please raise your hand. I now take it that all shareholders have voted and declare the poll closed. Computershare will now proceed with counting the poll and collating results. Details of the results of the meeting will be released on Deterra's website and on the ASX company announcement platform later today.
I would like to thank you all for your attendance and participation in the meeting. As that concludes the business of today's annual general meeting, I declare the meeting closed. For those in attendance here in Perth, I invite you to join us for refreshments. Thank you, everyone.