Welcome, everyone, to Hastings 2024 AGM. Firstly, if I can start off with some housekeeping rules. Now, if anyone would like to visit our toilets, please see a staff member who can give you access to not only go outside but to come back in to this venue, into our office. But also, in case of an emergency, we have our Health and Safety Officer, Leighton, who's at the back there. Please take his instructions if there is to be an emergency of which the siren will sound in the building. Firstly, I'd like to acknowledge our traditional owners, past, present, and emerging, and especially those traditional owners on the land in which we operate in the Gascoyne region, that is the Thiin-Mah, Warriyangka, Tharrkari, and Jiwarli people on the land that we operate our Yangibana mine site.
To our Executive Chairman, Charles Lew, who is present here today, to our shareholders who are here in our Hastings office, and to those who are online, welcome and thank you for attending our 2024 AGM, and also, we have our PwC auditors here at the front to answer any curly questions that you may have. To our valued staff who are here sitting in the background, please, if there's any questions that you may have, talk to our amazing staff who have really led Hastings through an amazing 12 months, but also, we unfortunately lost a valued staff member recently, and we'd also like to acknowledge our Office Manager, Maria Stevenson.
We have a short, when I say short, a video presentation that goes roughly by about nine minutes. The reason why it goes for nine minutes is because it's been an action-packed 12 months. For those who haven't been on site at Yangibana, this really showcases the amount of infrastructure that has gone into developing one-third of the project. Enough said, I'll let everyone watch our presentation, and we'll then start the proceedings of the AGM.
Hastings Technology Metals is an ASX-listed company based in Perth. We own 100% of our flagship project, the Yangibana Rare Earth & Niobium Project. Located in the Gascoyne region of Western Australia, Yangibana contains one of the most highly valued deposits of neodymium and praseodymium in the world, with an average NdPr of 37% TREO ratio. With an initial mine life of 17 years, the Yangibana project will become a globally significant source of NdPr, a critical component in the manufacture of permanent magnets used in advancing technology products from electric vehicles to renewable energy, humanoid robotics, medical applications, and digital services. Fully permitted by both the Australian and West Australian government, Yangibana is well-timed to meet the forecast supply gap for the rare earth elements, all vital for the global energy transition. Hastings has been steadily developing Yangibana in discrete phases, which is currently 33% complete.
In addition to the AUD 156 million spent on Yangibana project costs, Hastings has spent an additional AUD 67 million on the Hydrometallurgical Plant stage two equipment and project costs. Total capital costs for Stage I and II incurred to date is AUD 223 million. Key stage development activities to date include non-processing infrastructure, including Kurrabi Village, Accommodation Village, 294 rooms, kitchen, mess facilities, medical center, sports court, and administration buildings, a 1.8 KM airstrip capable of landing a 70-seater aircraft, six production vaults, 30 KM of water pipeline, telecommunication towers, and over 20 KM of site access roads completed and operational.
I'm very proud to be part of this project, and I'm very excited to see that we have a can-do culture. Upon completion, this rare earth project is going to add significant value to the shareholders and also leave a lasting legacy in WA as well as the world. We've got 83% of the design completed, and we're about ready to mobilize plant to site to begin bulk earthworks. It's about a 23-month construction schedule. It's an exciting and advanced project that we've got in front of us, and the opportunity is enormous.
The majority of long lead equipment for the beneficiation plant, such as the SAG mill, regrind mill, flotation cells, have been procured to date and have been delivered and held in storage in Perth.
Most of the fieldwork I've been conducting the last six months actually supports new findings and the possibility of potential to actually expand our mine life from the existing 17 years to much more. These commodities and these deposits are the future for the growth in technology.
I think a big part of our value proposition is having aligned values and also aligned vision. So the Yangibana project will be key as a part of the green energy transition in the future, and a lot of people that work here see the value and opportunity in that as well. So they're coming together over a passion for success, collective and individually as well.
During construction of the beneficiation plant, 470 people will be employed, and in production, we'll have 270 permanent workers, which will provide the opportunity of these jobs for the local Gascoyne community. Our strong buy-local policy will provide the local Gascoyne businesses with the opportunities that come with the development of the Yangibana project.
It's pretty exciting for us as a small shire, and we look forward to where it's going to take us. But I think the biggest benefit that we'll see in our little community, the Gascoyne Junction, will be through subcontractors. I see that as the biggest growth. We'll grow our community, and that's the major benefits that'll come out of Hastings.
Our recent five-year review of our voluntary Native Title toll agreement provides the commitment to further the opportunity with the traditional owners of the land in which we operate on. With Hastings' strategic 21.5% shareholding in TSX-listed Neo Performance Materials, a leading global rare earth processing and advanced permanent magnets producer, it provides Hastings with the future options to explore the creation of a mine-to-magnet supply chain. Here at Hastings, we are perfectly poised to become Australia's next rare earth producer.
In the last 12 months, Hastings has actually achieved a lot. And I'd like just to call out some of the major pieces of work that we've done. And the shareholders will be pleased to know that in the first place, we did a CapEx review and announced that information or announced that news to the public that we've cut our CapEx by AUD 56 million, bringing it down to AUD 474 million. The non-process infrastructure at the mine site, we have completed that work there. And effectively, one-third of the project's CapEx has now been completed, effectively mitigating risk. And what is left is the beneficiation plant to be constructed and therefore into production. We need to raise about $300 million to fund the beneficiation plant. The CapEx itself is only about $200. And we recently hired Peter Phan, who is our new project director.
He has come in with 30 years of experience in building mining projects throughout WA. I think another thing I should mention is that in September, we announced the niobium resource, 6.7 million tonnes, and that has been very exciting simply because this is additional revenue to Hastings when we go into production. This niobium is actually sitting in our tailings, and we are looking at processing this niobium. So work is being done, firstly, to bring that resource into reserves and secondly, to develop a process flowsheet for it. And on top of that, to factor that into our financial modelling, which therefore just strengthens the mine economics. Again, this is something that we'll bring to the shareholders as and when the information is available. Another major development this calendar year is in July when we announced JL MAG.
JL MAG is the largest magnet manufacturing company in the world. They're listed on the Hong Kong Stock Exchange. They have 50% of the traction motor for electric vehicles market share, very big in wind turbines as well. And they have a very, very impressive customer list. And we have been able to attract JL MAG to come in as an investor for 9.8% shareholding in Hastings. And we look to work closely with JL MAG in the future when we come into production, particularly in terms of giving us that visibility in the demand and supply as well of rare earths going into the magnet space. And I think the investment that we have in Neo, that 21% investment together with JL MAG, is all part and parcel of our long-term vision and ambition of creating an integrated mine-to-magnets company so as to capture the entire value chain.
Finally, I'd just like to thank all the shareholders for your long-term support. I know you have been patient. We have had plenty of challenges, but I think you can see that with a strong management team that we have assembled even over just this last 12 months and bringing all that talent into the company, they are well-positioned to advance next year into the construction of the beneficiation plant and pursuing some of the other objectives that we have set for ourselves in terms of the mine-to-magnet vision, as well as in terms of ensuring that we have a system in place that manages our cost tightly as we go into construction. So shareholders, thank you very much for your support, and we look forward to having you over at Yangibana in the not-too-distant future. Thank you very much.
If I can welcome Mr. Charles Lew, the Executive Chairman of Hastings, to commence the formal proceedings of the AGM.
All right. Good morning, everyone. And good morning also to those online, and thank you for joining us at this AGM. And I'd like to, first of all, acknowledge the fact that with all these staff present here in the company and having the AGM at our offices, just gives shareholders who are here present an opportunity after the AGM to interact with some of our people. And really, Hastings is where Hastings is today, not just because of me, but actually because of the people that work here and the teamwork that is fostered all the time. And I always share with my team here that the one motto that we have in Hastings is "One Dream, One Team." So our dream is still to bring Hastings into production. But before I go any further, I'd just like to also introduce my board members here.
On my left here, on my immediate left, is Mal Randall. Mal Randall has been a board director since 2018. And then there is Guy Robertson. Guy has been in Hastings as long as I've been in Hastings. That means to say he preceded me as the board director of Hastings, and he's also our company secretary. And we have Neil Hackett, who is also our company secretary and non-executive director. Neil has been in Hastings since the beginning of 2018 as well. And we have Jean-Claude Steinmetz. Unfortunately, Jean-Claude has sent his apologies, and he's actually on an overseas assignment that I've sent him on, which you'll probably hear more about in the very near future.
So apart from the board of directors, I'd like to also introduce just the senior management. And let me just move this up. Okay. There's someone. There you go. And I've got seated here in front, Teck, our CFO, right there. I see you all. You may want to just put your hands up. Yeah. And Peter is here. You've all met Vince. Vince is somewhere here, right at the back. And there's our Chief Geologist, Louis Schürmann, and Brianna, our HR Manager. She's seated there. And Neil Hack, who's Head of Business Development, and he's based in Singapore, as I am.
So moving on to the next slide, I just want to call out a few of the major things that have happened in the last 12 and really, to some extent, to the last 18 months. I think the first thing is that we've had a long-term relationship with ThyssenKrupp. ThyssenKrupp, as an off-taker, provides us with bankability on our product as all the finances look to a trading house, a global name like TK, in terms of being the counterparty that takes our product and then upon selling it into the rare earth producers in China.
Earlier this year, we signed a binding term sheet with, again, a long-term off-taker of our product. Back until recently, back in those days, we were going to build two plants, not just the beneficiation plant, but also the carbonate plant, the mixed rare earth carbonate we're going to produce. SkyRock has been an off-taker of our carbonate back in 2018 when they signed an off-take with us. When we decoupled in the middle of last year, we went back to them and said, "Will you take a concentrate?" SkyRock has agreed to take a concentrate, process that concentrate with their affiliates in China, and pay us based on the NdPr oxide price.
That really improves our project economics. The same is true for TK as well as for SkyRock. With that improved model in terms of the downstream processing, we were able to look at our payability and look at the model, and therefore the NPV of the project increased by 60% to AUD 865 million from the previous AUD 538 million. Therefore, IRR improving to about 31.3%. With the improved economics, I should also say that as we look at the niobium credits, a lot of work is being done in that area now. I think if you want to know more about niobium, please speak to Louis. I can't repeat all the things he tells me, all the good things, because I just barely understand half of it, or maybe even less than that. And we've got Louis here to answer any of your specific questions on niobium.
All I know is that the niobium, when we bring it into reserves from the resource that we have now, and then with the process flow, and I understand from our engineering team, and Tim tells me that the CapEx needed to add on that niobium circuit, which is just a side circuit to the main beneficiation plant, is probably going to be in the order of AUD 25-AUD 30 million. And therefore, it's not a huge CapEx commitment, but the revenue that we will derive from that niobium is quite significant. I am not going to give you a number on that because we don't have enough details yet. But of course, in the course of time, we will be publishing this information, and shareholders then have something else to cheer about.
So niobium is something very exciting, and we'll continue to do a lot of work in that. The JL MAG investment in Hastings is very significant, significant in the sense that for a company like JL MAG, that is the world number one magnet producer. And also, as I'll show you in the later slide, they've got a very impressive customer list. We get visibility on the demand for NdPr oxides. And that is very important for us in terms of our strategic planning. And we have also the 21% investment in Neo. Neo is also a magnet producer. They have a rare earth separation plant in Estonia. We recently had Dr. John McGagh, who's a friend of mine from my church in Singapore. John is now our representative on the board of Neo.
John has a very impressive career in mechanical engineering and all the exciting things to do with magnets and motors. With Neo and JL MAG, we are confident that we have the pieces of jigsaw in place that over the passage of time, we'll put those pieces of jigsaw into a big picture, which is really very much the mine-to-magnet vision that I've been talking about for the last few years, and really to create an integrated mine-to-magnet company. That is a huge challenge, but nonetheless, every day we try and move one step at a time closer towards that goal. What I can say is that we are looking at the downstream of our hydromet plant.
We've got the equipment all sitting at our warehouses in Perth. That equipment will be deployed, I'd like to believe, over the next 12 months if we can make the right strategic moves. Again, this is something we will have news about in the very near future. And the management team, the company, the board of directors, we are all very optimistic about what this potential will bring in terms of going further downstream into a hydromet as well as oxide separation and into magnet with the association that we have with Neo and JL MAG .
So I think the last thing I just want to say is that we have come a long way. And if you look at what we have achieved in the last 12 months, we have continued to assemble the different parts of the business that's necessary for us to advance. What we didn't do this year is to have completed the debt financing that we talked about. And the reason for that is that as a larger shareholder in Hastings, I'm very mindful of the fact that we don't take on debt that we feel that with a low NdPr price, we're going to slip on banana skins. Okay? We don't want to trip ourselves up.
And so it is important to understand that when we look at the debt offers that have come forward to us over the last 12 months, not jumping on and seizing this debt money is only because, as shareholders, I am very mindful of acting in the best long-term interest of shareholders and to protect shareholders' interests such that we are sensible and we are razor-sharp in our thought process and in our evaluation as to the debt that we will take at what the cost. And it's not just about the cost of borrowing money. It's also about the terms contained in the cost because some of these covenants can be so restrictive, can be so demanding that should NdPr price stay at AUD 50-AUD60 for a sustained period, we would be in default. So we cannot afford that.
We need to be sensible in how we act, what money we take, whose money we take, and what are the terms connected to that. And I can assure you that the management team is very conscious of that. And Teck and myself, Teck, our CFO, we work closely together, and with Tim as well, our COO, to really ensure that whatever borrowings we take on, we can fulfill. And therefore, as we progress on the niobium credits, that will just add more resilience to our business model. Okay? All right. I shall just move on to the next slide. I guess I've said quite a bit about JL MAG and Neo already. And I think if you look at the customers that JL MAG have, they're household names to many of us.
I think the relationship that we have with JL MAG will help to forge new, push back some of the boundaries of things that we're looking at in the mine-to-magnets space. And of course, Neo is the only Western, if you can put it that way, publicly listed magnet manufacturer with rare earth separation capacity at their Silmet facility in Estonia. The Neo plant in Estonia and the Solvay plant in France, in La Rochelle, France, are the only two rare earth oxide separation plant outside of China that is not belonging to MP Materials and Lynas, which basically process 100% of their own feedstock. But for us, if we were to bring a carbonate into production and we are looking for a venue to process the carbonate, then we could either go to Neo or we could go to Solvay.
For some of you shareholders, you may recall that in 2022, we signed an MOU with Solvay to supply them with carbonate if we have carbonate in production. Those are our downstream intentions. There are many interlocking parts of the business that we are looking at. I think management is definitely conscious of the fact that when we execute, we need to execute with these interlocking factors at play and with precision as well. Okay. Now, let me move to the formal part of the business, the formal proceedings. I will go.
All right. Guy, our company secretary here, has confirmed to me that the notice of meeting was duly given to shareholders and all other persons entitled to receive it, and the meeting therefore has been properly convened. So w e will deal with the questions with respect to each of the resolutions during the formal part of this meeting. The company secretary has confirmed to me as at 11:00 A.M. when we started this meeting that there is a quorum of members present. Let me go to agenda, sorry, to resolution number one.
Alex, you just want to cover the narrative on the next three?
Sure. I'm coming to it. Yeah. So sorry, before I go to resolution number one, upon a poll, every person who's present in person or by proxy, corporate representative, or attorney will have one vote for each share held by that person. If you have not voted and wish to vote, please obtain a voting card or proxy form from Guy or Neil. Okay? Voting on the resolutions will be conducted by poll. Voting on all resolutions will close at the end of the formal items of business. I will provide you with notice prior to closure of voting at the end of the formal part of the meeting and ask you to raise your hand for your voting cards to be collected. The votes received for each item of business will be calculated following the meeting and the results released to ASX.
All undirected proxies or open votes that have nominated the chairman of the meeting as their proxy will be cast in favor of each resolution in the notice of general meetings. Questions may be submitted at any time. For those who wish to ask questions online, please use the Q&A icon at the bottom of your screen. Proxies have been appointed for the purpose of this meeting in respect of approximately 55 million shares, being 30% of issued capital. I will be voting all discretionary proxies that I have received in favor of resolutions as set out in the notice of meeting. I am holding 1.1 million undirected proxies for the resolutions. The results of the proxies will be announced to the ASX following the meeting. Any further questions can also be dealt with under other business.
All resolutions except resolution five are ordinary resolutions and are approved by a simple majority of the votes cast by shareholders entitled to vote and voting on the resolution. Resolution five is a special resolution requiring 75% of shareholders voting to vote in favor in order for it to pass. I will take the Notice of Meeting as read and do not propose to explain the resolutions, but will accept questions. So item one on the business of meeting is to receive and consider the Annual Report for the year ended 30th June 2024, together with the Remuneration Report and the Auditor's Report. We have Anthony Hodge, the Audit Partner from PwC, who conducted the audit with us. And would any one of you have any questions for the auditor, whether physically present or online? I believe there's no question for the auditor online, right? Okay. Thanks, Adrian.
Okay. If there are no questions for the auditor, resolution number one under item two, adoption of Remuneration Report. To consider and if thought fit to pass the following resolution as an ordinary resolution that for the purpose of section 250R(2) of the Corporations Act and for all other purposes, approval is given for the adoption of the Remuneration Report. I note that the vote on resolution one is advisory only and does not bind the directors of the company. Are there any questions on this resolution? Okay. If there are no questions on this matter from shareholders, the proxy count on proxies received to date is 38,002,724 and 2,253,869 against and 1,000, 172 discretionary. I will now take this resolution as passed.
I'm moving on to the next one, resolution number two, re-election of Mr. Jean- Claude Steinmetz. As I said earlier, JC sends his apologies and to consider and if thought fit to pass the following as an ordinary resolution that for the purpose of clause 10.3 of the Constitution and for all other purposes, Mr. Jean- Claude Steinmetz, who retires by rotation and being eligible, is re-elected as the director. Any questions for this resolution? Okay. If there are no questions, the proxy count on proxies received to date is 48,062,866 for, 861,567 against, and 1,102,453 discretionary. Resolution three has been passed. Sorry, resolution two has been passed. I now move on to resolution number two. Now, given the nature of this resolution, which relates to myself, I'd like to pass the chair over to Guy.
Thank you, Charles. This resolution reads to consider and if thought fit to pass the following as an ordinary resolution that for the purposes of ASX listing rule 10.11 and all other purposes, shareholders approve the issue of 560,000 shares to Mr. Charles Lew on the terms and conditions set out in the explanatory memorandum. Voting exclusions applied to this resolution. And any votes cast in respect to this resolution by or under 100% excluded persons will be disregarded. Are there any questions in relation to this resolution? And online, no questions otherwise. The proxy count on this resolution, those in favor 37,285,038 shares for 2,432,413 against and 1,239,980 discretionary. I will hand the chair to Charles, resolution number one.
Thank you, Guy. Thank you. All right. Resolution number four, approval for issue of options in connection with the project loan notes. As many of you shareholders are aware, I recently had my family office lend AUD 5 million to Hastings, and the terms of the loan, which is now unsecured, contained an option to the family office company Equator Capital, so this requires your approval as well. Resolution four, approval for issue of options in connection with the project loan notes. To consider and if thought fit to pass the following as an ordinary resolution that for the purposes of ASX listing rule 7.1 and all other purposes, shareholders approve the issue of options in connection with the project loan notes on terms and conditions set out in the explanatory memorandum.
As outlined in an announcement to the ASX on 18 November 2024, the board, which I recuse myself, have now resolved that the loan notes will be unsecured. I note that voting exclusions apply to this resolution. Any votes cast in respect of this resolution by or in favor of exclusive persons will be disregarded. Are there any questions on this resolution? Online? Okay. No questions. So the proxy count on proxies received to date is 47,982,149 in favor, 1,692,707 against, and 1,159,715 discretionary. This resolution is now passed. Okay. Final resolution number five, approval of 7.1A mandate.
To consider and if thought fit to pass the following as a special resolution that for the purposes of listing rule 7.1A and for all other purposes, approval is given for the company to issue up to that number of equity securities equal to 15% of the issued capital of the company at the time of issue, calculated in accordance with the formula prescribed in listing rule 7.1A.2 and otherwise on the terms and conditions set out in the explanatory statement. I note that voting exclusions applied to this resolution. Any votes cast in respect of this resolution by or in favor of excluded persons will be disregarded. Are there any questions on this resolution?
Okay. No questions. The proxy count on proxies received to date is 52,133,537 for, 594,893 against, and 1,084,744 discretionary. This resolution is also now passed. I will now deal with any further questions from the resolutions from the audience. Are there any questions? No? Nothing online?
That will take in Q&A at the end.
Okay. During Q&A. All right. Okay. So I now move on to the next part of the meeting AGM agenda, which is for a management presentation. And I'd like to hand over the floor to our COO, Tim Gilbert. Tim, over to you.
Thank you, Charles. Good morning, everybody. Everybody online, ladies and gentlemen. Just want to introduce you and remind you of what a great project the Yangibana is. As you'll see from the slide and looking on the right-hand side, it's a world-class project with robust economics, reserve inventory of nearly 21 million tons, containing 188,000 tons of TREO. That's an initial 17-year mine life. And I'll draw your attention a little bit later on to what I say initially what the upside is on this great project. And you'll be very aware recently that we put out a Niobium resource of 6.73 million tons. Again, I'll talk a little bit more in that detail later on, but give you some more flesh on the bone about how exciting that really is. And as we say on the snapshot, the upside from the development of the Yangibana is considerable.
To date, it's a AUD 474 million capital cost. That includes our spent CapEx so far, and net spent CapEx is AUD 156 million. We'll get into a little bit more detail on where that's gone as we go through, and it just reiterates what the video showed beforehand as well, and when you do the economics for AUD 474 million minus AUD 156 million; we've got AUD 291 million left to spend on the project. Payback period, 3.4 years, and it's going to allow a 31.3% with an NPV of 865 million. Importantly, we spoke about previously that Neo shareholding that we hold, 21.5%, and that is a real asset for Hastings as we move forward, and in talking about assets, you'll see that we have total assets as of the 30th of June 2024, AUD 480 million.
The project itself, fully permitted, it's a high-margin project. It's got multi-generational opportunities within the Shire of Upper Gascoyne and the Gascoyne region. When I say multi-generational, initial 17-year mine life, that's considerable for where we are right now. And that's supported by that 20.9 million tons of reserve. And that's only going to grow as we put more and more money into drilling the ground at the right time. Vince spoke previously about our average NdPr, the TREO ratio. That sits at a leading class, leading 37%. And that is really what does separate us when you look at our rare earth oxide basket price to others. That's the high-margin opportunity that we've got at the Yangibana.
1.1 million tons a year through the process plant is what we have designed for. And that is going to produce 37,000 tons per annum of rare earth concentrate, 27% TREO, which contains 3,400 tons per annum of NdPr oxide. Employment for this region is going to be an exceptional opportunity. Approximately 470 jobs during construction and 270 during operational stage. And with that employment, it brings significant economic benefits both to the Commonwealth, the state, and our native title groups as well.
When we talk about a Tier-one asset, the graph on the right-hand side indicates why Yangibana is so special. 37% NdPr to TREO ratio on average orebody or orebody. And in certain areas, we have multiple different ore bodies. We're up to 52% NdPr to TREO ratio. Again, that is a real differentiator for us against our competitors in the production space. And you'll see from the picture on the left-hand side there in terms of why the NdPr is so specifically important to Yangibana. It is where most of the usage and most of the value in battery minerals, magnetic minerals sits.
This is a little bit more flesh on the bone, just breaking it down. AUD 156 million has been invested so far. AUD 126 million of that on our non-process infrastructure. You'll have seen that on the video and the pictures beforehand. By the time we have a Kurrabi Accommodation Village, the airstrip, the sports ball fields, the site access road, with those dollars having been spent, when we do start construction, it is going to be almost an immediate startup. It is not going to be like many other places where you go to for a startup where you have to get your fly camp built and you have to get your airstrip built. We are ready to go. Importantly, to help that process accelerate, we have also got AUD 30 million invested in our long lead items.
And again, that was mentioned during the video about the SAG mill being in Australia, regrind mills, flotation cells, many of those key aspects which are required to be on site to ensure that we have a very fast build-up to construction. On construction, an EPC contract with GR Engineering. We are very, very pleased to have GR Engineering on board. If you look at their track record, they have been in this sort of size space of construction for many, many years. And we are very pleased to have them on board with that track record. We're looking forward to working with them. And again, we have an additional AUD 67 million that's been spent on Stage II at the hydrometallurgical plant, which wants to be in Onslow as we move forward.
Just to give you some idea that this stuff is around. We have some photographs to prove it. But I hate to think that you think that we don't have them. And you can see on one side there from the beneficiation plant equipment from the SAG mill shells that sits there, right the way across to the other side where we've got the off-gas scrubber and uranium removal circuits as an example of what would be used in the Onslow plant itself. With that, I'd just like to introduce you to Peter Phan, who's going to take a few moments just to talk about the Yangibana project update itself.
Thank you for this opportunity. It's great to be in front of all of you. Good morning. I'm Peter Phan. I'm the project director for Hastings. I thought what I'd do today is just break this up into two components. Number one, quick, because I'm new to Hastings, and an opportunity to introduce myself. And the second thing is to provide an update on the construction readiness. Now, I've followed with 30 years of experience in both projects and operations. And I've recently spent the last 3.5 years working for API, where I was a project director for the Ashburton iron ore project. Now, we've delivered. We installed 35 million ton capacity for iron ore. And our first ore-on- ship was in May 2024. Now, the owners were POSCO, Baowu, AMCI, and MinRes. Now, I just wanted to share one important lesson from that particular project.
There are three things. The first one is safety. That's what we're going to be focused on in terms of during construction itself. Number two and three are just as important. And that's the ramp-up to nameplate and sustaining nameplate. So it's not about just building this project. It's about then running the project because the financial model is based on the revenue. And so as we have a focus on cost and schedule, we need to understand that delivery is all about producing the order we've promised to the business. And that's what our team is going to be focused on. We're going to be focused on all three outcomes: that safety, ramp-up, and nameplate. Now, I'm excited to be here because we have a clear vision to become a leading Australian producer of rare earth minerals. Our only second to Lynas.
We have a compelling mine-to-magnet strategy, as Charles has just talked about. We have completed NPI infrastructure. This is an enormous, fantastic bonus to this project when it comes to construction readiness because we've got a 294-person camp, an airstrip, an equipped water bore field. This positions us firmly for success to build the remaining two-thirds of the Yangibana project. Now, I personally visited the site last week. The level of detail that we go down to is personally inspecting the tip and walking the airstrip. It's not just about high level. We're now getting to the nitty-gritty of it in terms of construction readiness, which is exactly what it says.
We are getting ready in terms of every single detail because ultimately what we're here to do is to continue to refine the capital costs and also the construction schedule. Our team is constantly looking for opportunities to review that and to improve upon it to increase shareholder value. Now, finally, when it comes to construction readiness, probably the main thing to talk about this morning is really we're in the process of updating the contract documentation and refreshing scopes and re-engaging with our preferred vendors. By doing this, we can improve our pricing and just lock in the actual schedule itself. So I've just listed a few things that we're focused on right now.
So the flights, the camps, the logistics, flights and accommodation are key to the success of any project. We also have focused on diesel. A key stakeholder for us is the Shire of Upper Gascoyne. We've got 204 KM of deserted road that we're going to be using to bring equipment in. You heard the Shire president talking about that and providing that support. We spent an hour with their CEO. And yeah, definitely that is an important shareholder we need to maintain. And finally, we're focused on issue for construction drawings for the bulk earthworks and the concrete package. So thank you.
Thank you, Peter. Just wanted to provide an update on Niobium. And this is a leading slide in terms of Niobium and a little bit of history for it. It's a hugely exciting opportunity for Hastings where we sit today. So 90% of the world's Niobium is currently out of Brazil. Significant producers, obviously, when we say 90%. And the majority of Niobium is used in steel. It has the ability to add small additional parts of Niobium into the steelmaking process, reduce the, sorry, increase the strength of the steel by up to 30%. It just means in areas such as the lighter and stronger steel buildings, bridges, which you can see on the right-hand side, that it reduced the weight of that high-ductility member by 60%. That's a really, really significant amount.
I won't dwell on the future uses of Niobium where we go for too long, but it is a future which is going to be very, very real. That's why we want to get into the Niobium space at the Yangibana. So we put a declared resource, a medium Niobium pentoxide resource, which was 6.7 million tons for 15,500 tons of Niobium. That is a small part of the overall Yangibana holdings. There is, without doubt, more opportunity for us to find additional resources of Niobium at the Yangibana site. We're talking about we have planned to drill some bulk samples. I'm pleased to say that we have actually completed that drilling of those bulk samples. And we have some further test work of Niobium occurring as we speak.
We will be in a situation that we believe by the end of quarter one next year, we will be able to have declared a reserve on some parts of the niobium opportunity at the Yangibana. We're very, very focused on getting a small part into reserve so that we can then expand our knowledge of the geological setting away from Simon's Find and Bald Hill, which is where we're very, very focused at the moment, and go further afield, and talking of Bald Hill, you'll see a point down there where we talk about another really, really important opportunity for us, which is a mineral called hafnium. It's found alongside zirconium, and at Bald Hill, we believe that we're in a situation that a benchmark global hafnium to zircon is 50 to 1.
We believe that we are in a situation, a special situation at Bald Hill, where we have a ratio of 13 to 1, and that is a real differentiator for Hastings in that marketplace of Hafnium, which is a very, very small market, but it has a very big opportunity to make the Yangibana into a multi-commodity mine site. Just want to touch on ESG highlights. You'll see a lot of detail in there. Five-year review of our native title agreement. Vince mentioned beforehand about our ongoing agreement with the groups. It is a very, very strong relationship. And we've been up there to see them several times. You'll have seen photographs of them being on site. We will have every intention to maintain that great working relationship with them. We've also done a lot of technical work behind the scenes with our enhanced data management system.
Through our approvals process with the team that are here, we have got a great relationship with government regulators such as DWER. That is really helping us get approvals in place as we move forward. We have got secured mining proposal. That is another big step forward for us as we move through into those final stages of operations after construction. Importantly, maintained our ESG leadership across the parties and our environmental governance. It is like everything in this world today; the environment is so, so important. We will not lose sight of that. Looking to the future, where do we sit? This is a timeline, an indicative timeline and milestones of where we are. We are at the back end of 2024 right now. We have got our airstrip, NPI, etc., built, as you will have seen.
We have got long lead equipment in warehouses, as you will have seen. Next focus over the next quarter is to finalize that CapEx delivery model, make sure that we've got that exactly right, and close out our Niobium reserves and that CapEx flow sheet that goes with it. Charles mentioned beforehand that we don't think it's going to be an overly aggressive amount of capital. And the reason for that being is when we look at a 1.1 million ton-a-year processing plant, by the time we get to the Niobium, we believe that through some heavy dense media separation things as simple as spirals, that we will be able to get a lot of the gangue out of that ore stream. And it'll only be a very, very small Niobium recovery plant. And that's the background to that lower capital cost. From that, we get into construction in mid-2025.
As we mentioned beforehand, that takes six quarters to get to that point as we get into commissioning. We're expecting to see practical completion and first concentrate on truck in quarter one, quarter two, 2027. But just to sum up, very, very robust financial metrics around the project. AUD 865 million NPV post-tax, AUD 9.6 billion net revenue, 31.3% IRR, AUD 3.3 billion free cash flow, and with a short payback period of 3.4 years and an average EBITDA of AUD 258 million. It's a great project. Thank you. I'll leave it to your questions and answers.
Thank you.
Before we go to Q&A, I just want to say that for those of you shareholders, if you have proxy forms yet to be completed and to be handed over to the company secretary, please hand over your forms now, and before we close the voting.
Right. All handed in?
No. One more.
One more? Okay. All right. I think all the forms are handed in. So voting is now closed. All right. We go on to Q&A. I'd like to ask Teck. She's managing some of the online questions. And whoever's the relevant person to answer.
Yeah, sure. I'll take a lot of it. So there's a couple of questions that came through before the AGM and also just live as well. So some of them are overlapping, so I'll combine some of them. And some have been answered as well through the AGM presentation by Charles and Tim. So I think, one, there's been a lot of questions around the NdPr price and rare earths price. It is subdued at the moment. So I think the outlook of neodymium versus dysprosium. I don't mind taking this question. So I think in terms of outlook, we do subscribe to all the market consultants: CRU, Benchmark, Wood Mackenzie, Argus. And most have over $100 forecast price. So NdPr has been as high as $170. When our market cap was around the $600 million mark, we do correlate around 0.95 to the NdPr price.
Most are around $105 a kilo for NdPr oxide. I think that's positive. We are not relying on an uptick. We do have to make sure that the project survives through the cycles. It's important that we spend a bit of time to prove up the resource, convert the resource to reserves from the niobium. I think Charles mentioned that we will be making an announcement in Q1. That will add a lot of by-products credit in terms of the revenue so that when you run your sensitivities and breakevens, that will become lower. One thing that's not in this presentation is that we do sit in the first quartile on the global margin curve. CRU has been partnering with us since 2019.
They do sit us firmly within the first quarter on the global margin curves, which means we're one of the most profitable mines when we come to production, and largely, one of the key elements is because of our high neodymium and praseodymium content, NdPr to TREO. Life of mine average around 37%-52% in some parts of the ore body, which drives profitability. With the model, which Charles talked about, we do get full look through to the NdPr oxide price, so we get better profitability on that. There are some questions around the restructured remuneration. One of the key elements that we did was to look at cost savings earlier this year. We have reduced overall total salaries by 40% through right-sizing the organization. We did appoint Peter Phan.
His scope is to do that detailed review of the capital cost estimate, both from a CapEx and contingency and also undertake the pre-mobilization activity. So looking at opportunities to self-manage, self-perform some of the packages as we go through. So again, that was some of the questions around the construction. We are still looking at appointing and giving that notice to mobilize to GR Engineering Services. But some of the components, such as concrete and bulk earthworks, we are looking at possibilities of refining that. So that is a key workstream that we want to undertake. There's also been some board changes. Bruce McFadzean has done a fantastic job. He was head of the project review committee. JC, who's actually on an international assignment, as Charles mentioned, will take up that position of leading that PRC committee head or chair of the PRC.
JC was a former Chief Operating Officer of Lynas. He lived in Malaysia. He still lives in Malaysia and was involved with building the rare separation plant in Kuantan in Malaysia. Look, he's got a good track record and highly qualified to take that role on. There was a couple of questions. I might just let Tim come provide an answer to. The exchangeable notes and the funding of our Neo 21.5% has been quite topical. We do have a 21.5% share that was financed through exchangeable notes from Wyloo Metals. It is a separate finance for Yangibana. Yangibana, they've been supportive of us funding Yangibana. That 21.5% was financed through the note. Completely two different asset categories. There is a conversion mechanism, which is set still at $0.49 price.
But a lot of the speculation has been played out in the media. Neo's performance has improved. They've reported a 15% increase in EBITDA on a PCP basis compared to the prior corresponding period. It is a strategic stake. It is that 21%. So I think a lot of the note value, you would have to take into account the actual value of the Neo stake as well. So there are refinance opportunities and restructure. We will work through that ahead of maturity next October. So it is a good blocking stake that is valuable to many parties. And we have had offers in the past for that stake. So that's something that we can. There's multiple ways you can look at a restructure, refinance, or amend and extend. We're working through that. We'll provide an update to market as well.
So it's not you have to refine this entire face value of it. You do have to take into account the underlying collateral as well for that. I think Stage II. I think Charles has covered that off, that we are considering a couple of options around Estonia. Neo has an oxide separation plant and building an NdFeB magnet plant in Estonia as well. Onslow and there are other international partnerships that we are in discussions with. There are actually several. And we'll be looking forward to make those announcements shortly as well. I think one of the key was around also just expanding on the exploration upside and growing the reserve base. We may have touched on this, but I might just get Tim. I don't think we had this slide in this pack, but do you want to just come share that?
Thank you, Teck. In terms of exploration upside, when you look at the tenements that we have and the strike length of the mineralization, we've got around about 60 km of mineralization for rare earths. We've only really looked at about 20 km of that strike length in any detail. And that's where our resource and our reserve sits. We've got some of the resource of 30 million tons sits outside of that as well. So when we talk about the upside, when you've only really drilled 20 km of a 60 km strike length, and there's no reason why that mineralization doesn't go all the way through, and we've got scattered parts of that exploration to suggest it does, then we've got every confidence that there's going to be a significant portion of that additional strike length, which we'll be able to return into resource and into reserve at the right time.
Today, we've got 17 years of mine life. That's enough to get us going. When the time is right to spend some more money into exploration, we will be doing that. But it's got to be the right time for where we are with the capital project at the moment. And when we get cash flows on, we'll accelerate. I will add additionally to that, and it's something that Louis has been very, very active in doing, he's German. He's been reviewing our entire geological model. And with that review, with a man of Louis's experience, I think there's going to be some other opportunities which we'll be able to comment on early next year, mid next year, which will be in line with that Niobium update that we want to give at the same time.
Okay. Any questions from the floor?
Yes sir, good morning.
Good morning.
I would say thank you very much for the presentation. It holds a lot of promise, and I can see that it's all based on promise. My interest, I was a chemical engineer, turned solar engineer, and I was always looking into the future, so 12 years ago, I wanted to buy an electric car, but you couldn't. There was no car available, so I built my own. Then seven years ago, I was the first one to have a Renault Zoe, and now we drive for six months a BYD. This is my third electric car, so just a question on the side, Neo, is that the electric car?
No, this is the manufacturer listed on the Toronto Stock Exchange. It's spelled Neo.
Yeah, Neo.
Neo is Neo Performance Materials listed on the.
Of the electric car in China where they bought the batteries from.
Yes, that's right. That's Neo, Neo.
So the thing was that I bought already lithium shares because I believed electric cars are the future. So I already had SQM, then I went to Galaxy. I just recently dropped my Arcadium shares because lithium prices have been dropping. They asked out of it. And then rare earth was the next promise in the future. And I've got a graph here, and it looks like it's falling off the edge. And my wife asked me to invest some of her retirement money, and she lost over AUD 40,000.
Now, I'm just a small-scale investor. I'm looking after my wife, and I'm just a drop in the ocean compared to you guys. If the share price goes on, you're all multimillionaires. But my question is, right, there is a lot of promise, and you've done an excellent job. What is the future going to be like? Because I was twice wrong. There's lithium and rare earths.
Okay. Yeah.
I haven't got all my life because I'm retired, and I need to hope that that share price is going up pretty soon, and I can't wait another eight years.
That's a good question.
Thank you.
I think what I can say is from your perspective, I'm looking at it from your perspective as a pensioner going into retirement already or in retirement already. And obviously, you want to invest in the stocks that are going to be winners of tomorrow. If you look at the share price history of Hastings, we have been as high as AUD 5, AUD 5.50, and been as low as where we are at, sitting around AUD 0.30. But over the 11 years period that I've been involved in Hastings because I discovered the ore body in 2014, I put a lot of my own money in. And I thank you for your confidence and your investment. And no shareholder's investment, no matter how small, as far as I'm concerned, is regarded as unimportant. You're all important, yeah, even if you just hold one share.
What I can say is that to start with, I speak as a Christian. God of the Bible has blessed us with an incredible, unique ore body, starting with the discovery of this high-grade neodymium praseodymium ore body in 2014. A year ago, with Dr. Louis Schürmann, he's seated at the back there. He came to me and told me that there is a lot of value in our tailings, which is the niobium, something that we've never heard of before. And so we are blessed again with an ore body that actually has niobium. And to have received that information from Louis at a time when, if you look at the beginning of this year, NdPr price dropped steadily down to a low of $50 and climbed back up to $60, $60+ now.
And all the work that we have done on niobium, having published the resource number and the reserves will be coming out probably in the next two to three months' time. I'm very confident that for a mining company, because we are still a mining company fundamentally, Hastings has an exceptional resource. Okay? Niobium is that cream on the cake now, but we have an exceptional high-grade neodymium praseodymium rare earth resource. When we can get into construction, and that requires us to raise a significant amount of money, and I talk about AUD 300 million, right? And then you need to have more equity to support the debt. We will get into construction and into production. Okay? And when we get into production, my CFO, Teck, is seated next to you. You can tap him on the shoulder and ask him some hard questions.
He will tell you that just looking at the EBITDA numbers, excluding niobium, annual full year production, assuming nameplate and assuming NdPr price in the $110-$120 range, okay, which if I again take you back to 2021, NdPr price was at $170. Okay? You are looking at a company probably, and I will give my own conservative number, of $200-$250 million a year EBITDA, okay, earnings before interest, tax, and depreciation. So when you look at that kind of numbers, and I'm trying to be conservative, not to be too optimistic about these numbers, I believe very much that the share price as it is now is painful for you as much as for me and for all of us here and even our stakeholders at Carnarvon and Yangibana. It's painful to see. But we're not here for the short term. I know you are retiring.
I'm not a young kid either. Okay? I like to retire at some point in time. But I will say to you that when we can get our debt funding in place and get into construction and into production, we have very skillful, very experienced, I should say, Peter Phan, who has built mines and delivered on the last job he was at. We are conscious of the fact that we manage the ship very tightly in terms of cost management. And on top of that, conscious of the fact that what we do now is to make sure that we set ourselves up for success and not rush to the door to get whatever debt money that people offer, only to find that if NdPr price is at $50-$60, we can't, the moment you commission the plant, right, and you get into production, the next day you default.
There's no use to anybody. So I hope shareholders are patient because I've had a lot of questions from shareholders along the same line as you have asked. And that's why I said it's a good question. The reason why we have not taken any debt money that's put on our table, put before my eyes on my inbox, is simply because as a management team and as your single largest shareholder, I'm still the single largest shareholder together with my sisters in the family office, we are very, very mindful of making sure that we make the right decisions that do not cause shareholders to lose the company because we defaulted on our own. Yeah. So all I can say to you is that the promises are real. They are real. Okay?
You can see for yourself in today's presentation and meeting the management team here and the rest of the staff that we have a very strong team of people, not just the management. I don't represent the whole management, of course, right? I need everybody to work together, and we have a dedicated, loyal, committed team of people who are going through the hardship as we are going through now. Okay? We could be walking in the wilderness now, but I am sure in my heart that God of the Bible will take us out of the wilderness into the promised land.
All right. Thank you very much, and to stay in your Christian philosophy, I could say you say to me, "Keep having faith".
100%.
Okay. Thank you.
100%. Yeah. Keep the faith, and we will finish the race. Yes.
How does the Niobium stack up against Lynas oxide and Iluka's tailings?
How does the niobium stack up against the?
Against Lynas's oxide and against Iluka's tailings?
Okay. If I understand the question correctly, the niobium and rare earth are two separate minerals.
Yes. There must be some in their ore bodies, is what I'm saying.
I'd like Louis to answer that because I can't say that Lynas does not 100% have any niobium. I'm not aware that they have a niobium. But Louis, would you like to come up here and answer that question, please? And I think some of the shareholders online would like to meet you.
Thank you, Charles. Thanks for the question. Obviously, one of the educated ones so far. Niobium is special, and it's all minerals which normally are combined in carbonatites and these types of deposits. It all boils down to grain size. Ours is pretty coarse-grained, but it's easy to be separated. As far as I know, Lynas has a deposit which is well endowed in niobium, but they have a problem with it, and that's grain size of the niobium. And I think they're hard to concentrate. So that's what I can say about Lynas. I'm not really privy to the information. But fine-grain material, not easy to concentrate.
It does produce a con, but it's a low grade, where ours, so far, with our flowsheet work currently, shows that we are probably on the right way to actually have a good 40%-50% con for the niobium in the same material and the same plant where we will be concentrating our monazite.
While you're there, the actual process, is it a pure separation process physical, or do you need chemicals as well to concentrate?
Yes. It's a crushed grind flotation to separate the heavy minerals or the heavy fraction of the material going through the plant. We do use flocculants for quite muddy flotation cells and spirals are basically mainly water-based, and it just works from density down a gradient.
Sounds quite simple, in fact.
Simple. Simple, yes. Simple is always good.
Any feeling for the niobium in the mineral sands, tailings?
Mineral sands are normally really easy because you don't need to do a lot of crushing and milling. It's already in that fraction which can be concentrated in the same type of processing where you actually use spirals and flotation. The problem with placer deposits is that it's not constant. It comes and goes because they were actually deposited in other alluvial or water and windblown systems. So your grade is not constant. It's patchy. Any other questions while I'm here?
Thank you, Louis.
Thank you, Louis. Any other questions from the floor?
No, there's a couple more online. I might just address them.
Sure. So I think there was a couple more price movement style questions. So I think there was a question around breakeven. So what we're doing, as I mentioned earlier, with the niobium byproduct credits is that we're refreshing our financial model. We are going through our model to update for the capital operating cost estimates as well. So yeah, in Q1 or first half of next year, we'll make an announcement, and then we can walk through some of the questions around breakeven. At today's prices with niobium byproduct credits, we will be covering operating costs. So we are positive from a free cash flow perspective. We do want to, and we hope to expect to see that demand increase and that supply deficit to widen as well to see that uplift in pricing.
So I mean, the only publicly available figure, conscious of disclosure requirements, is there's one broker analyst that has given 205 million valuation on niobium byproduct credits. So that was done on a DCF basis. So that's the only public figure that we can quote. And in terms of the financing, yeah, just echo Charles as well that we are looking at the right debt solution. We have been equity funded largely to date. We want to resolve and work on the Wyloo financing, refinancing, restructuring of that as well, get that locked away, and then move forward with the Yangibana financing. So look, we have supportive stakeholders and shareholders. So we do want to close that out. And look, I think that wraps up a lot of the online Q&A. So is there any more Q&A on the floor?
If not, I'll hand it back to Charles to close the meeting. I've got one more.
Do you have a feeling for how the markets in Europe, China, and the U.S. might play out if the U.S. imposes tariffs on China?
On China, yeah.
I think any kind of tariffs being imposed on Chinese products going into the U.S., I think from a global trade perspective, is never good, and it's very difficult to predict what exactly is going to happen and what kind of impact it will have. I think if I understand your question correctly, for us as a raw material producer, so long as there's a need for magnets that goes into a motor, and don't think motor as only being electric vehicles and wind turbines, but today we are seeing a lot of advancement in humanoid robotics and also in all sorts of consumer appliances. There is a lot of substitution from the old-fashioned ferrite motor or ferrite magnet motor, which is very energy inefficient, to permanent magnet motors. All that is going to drive demand for magnets, right?
And so what it means is that as you see interest rates trending down over the next two, three years, you will see capital expenditure going up in a number of areas, whether it's electric vehicle or wind turbines or robotics or consumer electronics. And that should drive the underlying demand for NdPr oxides. So what tariff does is obviously it creates inefficiencies to the system. And I think there are a lot of economists that have postulated all kinds of scenarios, which I think we need to separate election rhetoric from what is real life, right? What is day-to-day? And I'm not here to comment on President-elect Trump's policies, and neither do I know what is best for the U.S.
But all I can say is that I like to believe that there is common sense among the world leaders that they will find a symbiosis to coexist, right? And I think I saw something just a couple of days ago whereby when the European Union put up 40% or up to 45% tariffs on Chinese EV, China retaliated immediately, and they basically stopped further investment in Europe, in factory plants and whatever else. So you can see that it's not going to play out well. Yeah. As for raw material producer, we produce a critical raw material where there's no substitute to make a permanent magnet that goes into a motor, right? There's no substitute for it.
So I believe that consumer demand will drive prices, and the politics will be something not to be ignored, but perhaps over time, it just becomes a sideshow simply because government comes and government goes or president comes and president goes, right? So I think for Hastings, as we look at how we drive our business, we look very long-term. We look at the fact that today we have 17 years mine life. Secondly, we've got 600-plus sq km of tenement ground in Yangibana. We can double production and even double mine life. It's all a function of time and money. And now that we've been blessed with not just NdPr high grade, but also niobium. And you just heard from Louis what the potential is.
I think we have a lot of good things happening in the company, but it just takes time to have all of that play out. And what I can say standing here is that since I took over the company in 2013 to where we are today, as you know, I've invested heavily into Hastings. And having invested AUD 50-AUD 60 million over the last 10 years, I continue to believe very much in this unique orebody. My objective and the management and the board's objective is to bring it into production. And it's not just about rare earth. It's also about niobium now. And along the fringe, we will look at our downstream opportunities in terms of the Hydromet plant, which we still intend to go further downstream.
We have some very advanced discussions with various overseas parties, which you will hear about in due course or in very short order.
Before the meeting, I was told that you built a solar farm.
No, I didn't say we built. I said it's part of the project.
Part of the project.
We haven't built it.
That's the plan.
We have in our plan, when we come into production, for reasons of ESG, sustainability, to use solar energy. So we have an area set aside to build a solar farm. But all this, of course, is a function of investment costs. And we have identified that as a further area of cost savings as we get into production and operations.
Yeah. What capacity are you looking at?
In terms of generation capacity?
Generation.
I think about 10 MW.
10 MW .
Okay. I was going to say that.
Because you're shaking them alone is 5 MW .
I think 10 MW is about the right number.
Yeah.
All right. So I think my concluding remark is that, ladies and gentlemen, both online and present here, I think, as you can see, Hastings has achieved a lot. We've come a very long way. The share price, unfortunately, doesn't commensurate with the progress of the company. But I think with you shareholders, loyal shareholders, and faithful shareholders, if you go out there and tell your friends what you've heard today, maybe that will help the share price. As far as I'm concerned, I've been a long-term shareholder. There are a number of people in the number of shareholders in the company that has also been very long-term shareholders, eight, nine, 10, 11 years.
And I think with the support of the shareholders, with the support of the traditional owners at Yangibana, with the support of various other stakeholders, including local government, state government, and federal government, we are confident that we will come into production. When exactly, I can't tell you, but we gave you an indication of timeline. And what we want to do is to continue to work towards that objective. I should say before I conclude or dismiss, we have tea and coffee and some refreshments there for anyone who would like to stay back and meet the staff and meet the board of directors as well. And I'd like to thank all of you for being here. And I'd like to thank all those online for joining in our AGM today. So thank you very much and goodbye.