Okay, everyone. Welcome. Good morning, ladies and gentlemen. I'm Bob Vassie, Chair of Ramelius Resources Limited. Welcome to everyone today. I'm going to start with just the emergency procedures, as we always do in mining. Many of you would have been here before, but if we have the two alert-the alert signal, which is a beep-beep, and that's when you get ready, and then the evacuation, which is the siren. You can follow staff, but generally it's down the stairs. Don't use the lifts, and the emergency point is going to be across the road by the park there, so please follow staff instructions if we have that occur. It's now past the appointed hour, and I declare the meeting open. Welcome to everyone to the 22nd Annual General Meeting of Ramelius Resources Limited.
I'd like to begin by acknowledging the Noongar Whadjuk people as the traditional owners of this land and to pay my respects to their elders, past and present. I also extend my respect to any Aboriginal elders of other communities who might be here with us today, as well as the traditional owners of the lands where we operate our mining projects. Today's meeting is a hybrid one, being held in person and online via the Computer share platform. This allows shareholders, proxies, and guests to attend the meeting personally and virtually. All attendees can watch a live webcast of the meeting, and by using the Computer share platform, shareholders and proxies have the ability to ask questions and submit votes. I declare a quorum present. No video or recording of this meeting has been approved or authorized. Please ensure that your mobile phones are turned to silent mode.
Now for some introductions. I'm Bob Vassie, Non-Executive Chair. On the panel, we have Natalia Streltsova, Chair of our Risk and Sustainability Committee, Colin Moorhead, Non-Executive Director, David Sutton, Chair of our Audit Committee, Fiona Murdoch, who is Chair of our NOM and REM Committee, and of course, Mark Zeptner, our CEO and Managing Director. Richard Jones, our Company Secretary, is here, as is David Andrews of Deloitte. Now we move. I trust that all attendees, including shareholders and persons present by proxy, have registered their attendance. Only attendees with green or yellow cards are permitted to ask questions. For those attending online, questions can be submitted at any time. To ask a question, select the Q&A icon at the top of the Computer share platform. Select the topic your question relates to from the drop-down list. Type your question in the text box and press the send button.
To ask a verbal question, please follow the instructions written below the broadcast window. Please note that while you can submit questions online from now on, I will not address them until the relevant time in the meeting. Please also note that your questions may be moderated, or if we receive multiple questions on one topic, we amalgamate together. If you have any issues using the system, please return to the Computer share platform. Finally, due to time constraints, we may not be able to answer all your questions. If this happens, we'll answer them in due course via email or posting responses on our website. I'll now move to my address. I mentioned earlier that we're continuing with a hybrid meeting format.
While that's no longer a requirement, we believe it's the best way to ensure everyone can participate and stay connected with our company's journey and what a journey it's been. This year, Ramelius has achieved record results operationally and financially. All the more pleasing as this remarkable performance has been delivered with an improvement in safety. It's been incredibly satisfying to see our growth under Mark Zeptner's leadership, a decade in the making, which has brought us to this strong and exciting position. Through steady organic growth, especially around Mount Magnet, and with some very strategic acquisitions, we're now running full steam ahead. With gold prices at all-time highs, our focus on reducing the all-in sustaining cost for our operations has meant incredible margins and cash flow levels that truly set us apart in the gold sector. We're committed to reinvesting in the future of Ramelius.
At Mount Magnet, we're progressing well on key organic growth projects: the Eridanus open pit and the Galaxy Underground Mine. We're also advancing our Greenfields project at Rebecca Roe, with a pre-feasibility study on track for release next month. This year, we completed the acquisition of Musgrave Minerals, whose projects are already delivering ore into Mount Magnet. And our investment in Spartan Resources, late in the financial year, represents another important step in our strategy. Thanks to these efforts, we closed the year with an impressive AUD 447 million in cash and gold, even after our initial AUD 87.7 million investment in Spartan. This financial strength allowed us to pay a record fully franked dividend of AUD 0.05 per share, right at the top of our policy range. In terms of operations, our high-grade Penny Underground Mine has performed exceptionally well, delivering solid results throughout the year.
And the recent startup of the Cue Mine has also been exciting, bringing high-grade open pit feed to Mount Magnet, which comes at an ideal time as we start winding down operations at Edna May. It was pleasing to see Edna May exceed our expectations as it moves towards care and maintenance. The team there did an excellent job in starting and completing the Symes Open Pit to add feed to the stream coming from the Tampia stockpiles. Marda finished strongly, and the team got more out of the lower levels at the Edna May Underground, where groundwater issues had created problems previously. I want to personally thank the Edna May team for this effort and an outstanding result in bringing home what has been a great project for Ramelius.
Our exploration and resource development teams have also been hard at work, and it's rewarding to see the potential of Eridanus Deposit unfold with each new drill result. There's been a lot of work on our Galaxy Underground, as well as Rebecca and Roe's study work, and the team has also been core in assessing our inorganic growth targets. This year, our sustainability report was once again released separately from the annual report, and you'll note it was released this morning. In this fifth report, we're proud to share our plans for a new hybrid power solution at Mount Magnet. This system, which incorporates gas, solar, wind, and battery storage, will support our decarbonization efforts and help reduce energy costs. The 10-year mine plan for Mount Magnet, which we annozd in March of this year, has allowed us to make that commitment.
Generally, you need about 10 years to justify solar and battery systems of this size. In fact, it's about 15 years for wind. Obviously, we're backing ourselves for a longer life at our flagship operation. The new power station is under construction now, with gas and solar expected to be operational by January, just around the corner. This project is a testament to our commitment to a sustainable future and positions Mount Magnet as a leading processing hub in the Murchison region. At Ramelius, we're deeply committed to fostering a diverse and inclusive workplace. While our lean management structure and relatively low turnover mean we may not have as many immediate opportunities to drive dramatic change, we've set clear objectives to promote ongoing improvement and growth in this area.
We recently undertook an employee engagement survey and conducted a psychosocial workplace audit, which helped us gain a better understanding of our workplace culture and employee well-being. The outcome of both activities forms the basis of a detailed action plan to address any areas that needed attention. Additionally, we've introduced leadership and workplace behavior training that emphasizes respect, inclusivity, and accountability. This training includes specific guidance for leaders and bystanders alike so that everyone plays a role in maintaining a positive environment. These initiatives are designed to make Ramelius a safe, welcoming, and attractive place to work, one where every team member feels valued and supported. This commitment is an essential part of who we are and the culture we're building into the future. I wish to thank the entire team at Ramelius and our business partners for delivering this record year.
I'd like to take a moment to personally thank Duncan Coutts, who's here today, our COO, who will be leaving us next month after almost nine years of outstanding service. As many of you will be aware, running operations at Ramelius is no walk in the park, with multiple mines feeding two plants and the hub and spoke model for remote operations. In Duncan's time, he started up and completed a number of mines, too many to list individually here today. He's been central to the seven acquisitions we've made in recent years, lending his expertise to identify and integrate these opportunities. Duncan, thank you. You will be missed, and I hope you take some well-deserved time off before taking on your next challenge. I'd also like to thank my fellow directors, Natalia, Fiona, David, Colin, and Mark, for their dedication and support.
This year required extra time and some additional meetings, often at short notice, as we pursued our growth initiatives. Working with such a capable board and management team and seeing the results year after year is tremendously rewarding. Finally, to our shareholders, thank you for your trust, your support, and for sharing in our vision for Ramelius. With that, I'll hand over to Mark Zeptner, who will provide more details on our progress in the 2024 financial year. Thank you.
Thank you, Bob. It certainly has been an excellent year for the company. Admittedly, backed by a stellar run in the gold price, only interrupted recently by the U.S. election, obviously it's encouraging to see it turning back the other way. This time last year, I made the statement that Ramelius was in its strongest financial position ever, while we find ourselves in an even better position 12 months on. For that, I have to thank the hard work of the Ramelius team, along with the support of the board, and of course, shareholders and associated stakeholders. This morning, I will briefly recap on FY 2024 performance, touch on FY 2025's outlook, finish with an update on our key projects that promise to further transform the company. I'd just like to acknowledge our competent persons, Peter, Jake, and Paul, who continue to go on about their business as professionally as ever.
It's a thankless task to be a CP in a gold producer, or any company for that matter. I won't dwell on the corporate summary except to publicly also acknowledge the contribution of our outgoing COO, Duncan Coutts, over many years. Wish him all the best, while also welcoming Peter Ruzicka to the fold. Peter has already visited all of our sites, ensuring the smoothest handover possible. As mentioned, FY 2024 was a record year for Ramelius in many aspects: record production, revenue, cash flow, and PAT, both underlying and statutory, leading to our largest cash and gold position, and ultimately our largest dividend payout. All achieved whilst our most relevant safety measure, TRIFR, which is total recordable injury frequency rate, was reduced to its lowest level ever. Whilst FY 2025, overall production will be similar.
The mix will change with Mount Magnet up significantly, and Edna May being put into care and maintenance in the March quarter. I want to also acknowledge the Edna May team for the job they're doing in bringing everything together in the most orderly and professional manner. Our future growth project at Rebecca Roe promises to be another production hub in the future in a new district with plenty of opportunity to leverage off our well-practiced hub and spoke model. In FY 2024, we provided returns to shareholders. The number you see top left is last year's dividend. We delivered underlying free cash flow of AUD 315 million and did make significant investments in exploration, mine development, and acquisitions of AUD 240 million. Whoever says we're not investing in the future based on that number is simply incorrect.
The highlight here for me, obviously is the chart bottom left, where in the H1 we did deliver some cash, but the H2 of the year was obviously next level, and we believe a good indicator of what's to come in FY 2025, especially from Q2 onwards. Peer comparisons are always fun because everybody chooses a metric that makes them look good. We're no different, showing here that Ramelius has the best free cash flow per oz in the sector, but I would add that we believe this is one of the most relevant and important metrics for a gold producer in a high gold price environment. In other words, if you're not making good margins now, then when will you? I suppose I will wait for incoming queries on how we calculated free cash flows from others, although we do disclose them at the back of the presentation.
Last year, when I compared our share price performance for the period November to November, we came in in second place from memory with roughly a 120% increase. This year, with a return around 40%, we sit in the middle of the main pack, as you can see on the chart. And I think we're somewhat held back given our stellar near-term cash flows for two reasons that I can come up with. Firstly, upcoming news at Mount Magnet and the Rebecca Roe project, which are material to the future of the company. And secondly, our strategic investment in Spartan Resources. Now, let's put our FY 2024 performance into context by including the five year trends for some of the key financial metrics.
If you scan across the top, you see increasing revenue along with increasing cash and gold and working capital, which has led to, if you look along the bottom, a consistently profitable business. We have posted a profit the last 10 years running and increasing dividends culminating in the 5% dividend payout, which represents 2.6% yield just last month. Now, the reason we are generating these excellent cash flows is not only relying on an increasing gold price, but also being in the unique position where we're reducing our all-in sustaining cost, which is indeed expanding our margins. Many of you would have seen this chart before, but just to repeat, the yellow line is an actual realized gold price up to FY 2024.
For FY 2025, we've used a spot price of AUD 4,000 combined with our hedge book, the green line being actual all-in sustaining costs up to FY 2024 with the midpoint of our FY 2025 guidance. Fair to say that our margins FY 2024 and FY 2025 are at best ever levels with my time at the company. Whilst we have a portion of production which is ever reducing hedged, I would argue that margin is the key point here, regardless of whether you are hedged or not. The reason we have such good margins, therefore, is because more often than not, we do accretive deals. Here we're tracking our progress on delivering returns from our M&A activity. Again, you've probably seen it before. We've got the purchase price in blue, whether it's cash, shares, or a combination of both.
The cash generated in yellow and the net cash being the red dot and the number. The square brackets, by the way, are the Q1 FY 2025 cash flows as we do update and provide this on a quarterly basis. All production assets are in the black except Penny, which will be there soon enough, and over on the right-hand side, our Cue project will start heading north very shortly, leaving only the Rebecca Roe project on a combined basis as our sole remaining development project. I've said it before and I'll say it again. All of our acquisitions and indeed our internal growth projects for that matter are based on a fundamental value approach where we give ourselves the best chance of doing accretive deals, and we see no reason to change that approach.
Before I get into our key projects, I wanted to show how we've been able to consistently grow our resource base, shown above the line here on the chart. From around two million oz in 2016 to over eight million oz today, while at the same time below the line producing a cumulative two million oz of gold in that period. On a reserves basis, we have 1.1 million oz in reserve, and it's been at that level for a year or two now, but we do look forward to significant increases in those reserve positions from both the Rebecca Roe and the Eridanus project shortly. It's not too hard to imagine more than doubling our current reserve position, which will put Ramelius on a competitive footing with our peers on this particular metric.
Key projects, starting with Eridanus at Mount Magnet, which keeps getting bigger the more holes we drill. We've only recently finished the open pit and have been drilling almost non-stop since the start of the financial year from the surface as well as in the pit. Whilst our March mine plan contemplated an underground option below the current pit, which was low CapEx and a quick payback, the pit cutback option is looking more and more compelling as it provides a long-life baseload ore source for the mill, which effectively changes the game at Mount Magnet. I am looking forward to the outcomes of the study in a few weeks as much as all of you are.
On the basis that we go with the open pit and we're leaning that way, and we're happy to talk about that, approximately 14 million tons of ore feed from the Eridanus open pit justifies an evaluation of increasing the mill capacity at Mount Magnet, which is currently 2 million tons per annum. We are favoring the 3 million tonne per annum option after considering the trade-off in capital versus operating costs all the way from 2 million tons up to 4 million tons per annum. We feel that this increase in capacity is largely adding to what is currently in place, meaning that a lot of the work will be able to be done without undue interruption to ongoing processing operations. Quick note on Cue. Haulage started a week ago, and the head grade at Mount Magnet has kicked as one would expect and hope for.
The team are doing an excellent job of minimizing dilution and looking after the ore body. I understand that the previous Musgrave MD is here with us today. He's been to site and given what the team are doing, the tick of approval, and has been very encouraged by what he was seeing in the pit. The Break of Day pit is looking like a real cracker at this early stage, with approximately 100 meters of vertical mining to go through this very high-grade zone still in front of us. Onto Rebecca Roe. We're pulling everything together for a PFS release in December, as everyone is aware. The engineers have completed the underground mine designs at Roe, which is the last piece of work to go into that PFS, which is largely, remember, that Rebecca Roe is largely an open pit project.
We have a good understanding of the environmental permitting requirements for both Rebecca and Roe, and these will be well explained within the PFS itself when it's released. Before I wrap up, just one slide on exploration. It's fair to say a lot of our drilling has been focused very close to the mines in recent times, which we believe is necessary when you're developing declines, drives, and stopes nearby. The H2 of FY 2025 will see significant dollars spent on more pure exploration at Penny, Rebecca, Roe, on the new exploration lease to the north of Cue, and while not shown here, also at our Galaxy project down deep at Mount Magnet. I'm sure the team will appreciate the opportunity to step out from operations, something that is perhaps overdue, and we look forward to seeing what they can produce.
To summarize why we believe we're well placed going forward, we still believe we're good operators. We have a very strong balance sheet. We are disciplined and endeavor to only do accretive transactions, and we do have plenty of exploration opportunities. As discussed already, we have several important catalysts coming between now and the end of the year, so hopefully you don't go on holidays too early and miss out on that news flow. Thank you very much.
Thank you, Mark. Before we now move on to the formal part of the meeting, are there any questions arising from Mark's presentation? Questions around the resolutions we'll take at the time, but any general questions for Mark on what we've just presented? Otherwise, we'll move into the formal. Oh, we've got Bob. Yeah.
To the Chair, I'm Bob Kelleher from the Australian Shareholders Association. Thank you for the online meeting through AGM.
I will just give you a microphone in case the people on their computers on the other side of the country can't hear. There you go.
I'm Bob Kelleher from the Australian Shareholders Association. I'm representing eight shareholders with just over 260,000 shares. Thank you for the online meeting prior to the AGM, but just on the annual report said, oh, the sustainability report, it's on the website, and you give a tick, it's on there this morning. I was told prior to the AGM.
It was three hours.
Yeah. And it said that you would have targets for emission reduction by October. How are you going with that?
Yeah. Thanks for your question, Bob. Look, we'll tell you, emission reductions, the thing that we're looking to see is you can just make these up, and we've seen time and again gold miners that don't have a mine plan that goes to 2050 saying they'll be net carbon neutral by 2050 because they won't be there. But with us, I think the interim targets are very important, and to inform those targets, we needed to understand whether we were going to go live or not on an investment in renewables at Mount Magnet, and we've just made that now and we've started construction. So we'll use that information and how that comes online to form interim targets that are based on reasonable information. So that's why we're waiting for that. Thanks, Bob. Any other questions of general nature? Okay.
We'll move forward to the more formal part of the meeting. Thank you. The notice of meeting dated the 18th of October, 2024, was sent to all shareholders. I take the notice of meeting as being read. Thank you. Voting today will be conducted by way of poll on all items of business. In order to provide you with enough time to vote, I will shortly open voting for all resolutions. At that time, for those attending online, if you are eligible to vote at this meeting, a new voting tab will appear. Selecting this tab will bring up a list of resolutions and present you with voting options. To cast your vote, simply select one of the options. There is no need to hit a submit button or enter button as the vote is automatically recorded.
You do, however, have the ability to change your vote up and until the time I declare voting closed. I now declare voting open on all items of business. The vote icon will appear soon, and please submit your votes at any time. I will give you a warning before I move to close the voting. For those here at the Fraser Suites, I will deal with the poll procedures at the end of the discussion on the items of business. 424 proxies have been received representing 763,393,024 shares. A further breakdown of the proxies received for each resolution will be detailed prior to voting for each resolution, and it'll be on the screen. The first item of business is to receive and consider the financial statements and reports of directors and auditors for the year ended 30th June 2024.
They were sent to shareholders and are now before the meeting for discussion. Are there any questions on the financial statements and report for management and the report for management or the company's auditor? If there are any questions for the auditor, Mr. David Andrews of Deloitte is here to answer them. Now we have a virtual meeting here, so we may have some text questions coming through to the moderator or even some audio questions coming through. We'll just wait to see.
Mr. Chairman, no questions at this time.
Okay. Good. None from the floor. Okay. We'll move on to, well, we have to move on to me, which is that I know we've moved to the remuneration report, so that's resolution one. The first resolution to be considered today is the adoption of the REM report or remuneration report and is set out on the slide behind me. In accordance with section 250r of the Corporations Act 2001, the company submits to shareholders for the consideration and adoption by way of a non-binding resolution its remuneration report for the year ended 30th of June 2024. The remuneration report is a distinct section of the directors' report that deals with the remuneration of directors and key management personnel of the company. The remuneration report was included on pages 48-68 of the annual report and is now before the meeting for adoption.
The number of proxies received for this resolution are shown on the screen. I now move resolution one as set out in the notice of meeting that for the purpose of section 250R(2) of the Corporations Act and for all other purposes, the company adopts the annual remuneration report as set out in the directors' report for the financial year ending 30th of June 2024. Are there any questions on this motion? Nothing from the floor. I can see Bob. Yes. Just if you can wait for a microphone, please, Bob.
Chair, yeah, we've gone through it, and there's some good parts of it, but as you know, for the short-term incentive, 11 of the 14 items were target met, stretch, and the one that wasn't was emission reductions. And also, so the point is that short-term incentives are just over 12 months, and so you set the thresholds 12 months earlier, and they were mainly all met. So that indicates that they were set too low. The other thing about the short-term incentive, it's paid in cash, and it looks too much like annual salary when it's all paid in cash. And so we'd say at least half of it should be in equity or deferred equity to make it a real incentive. So on balance, we are voting our proxies against the remuneration report.
Okay.
Thank you.
Yeah. Thanks, Bob. Just look, a couple of observations here. Look, I know there's a lot of views around how modern REM is structured in these companies. I would say that if you have a record year and end up with that sort of money in the bank and safety improving along the way and set new records for the company, you are likely to do well on STI. We have seen in the past where we haven't actually made target or indeed thresholds on some of the measures, but in this year, we knocked it out of the park, and if there's ever going to be a year where people are going to get good STIs, it was going to be this year. It's the same as ever, going to be a year where we max out our dividend policy. It was going to be this year.
I'm comfortable that it wasn't loose targets in there. We have a process where we have a very stringent budget process, and we don't just accept the budget as being target. We stretch that a bit as well. So you can't just get STI for achieving budget. So I'm comfortable with where we set those at the start of the year. As for cash, a lot of companies distinguish STI as cash payment, LTI over the three year period as shares. Yes, there are companies, and I have worked for companies where they've deferred an amount of the STI into shares. I don't like that. I think I've been clear on that in the past. A lot of companies won't do that. And the reason I look at it is there's a couple of things. One is short-term is for the 12 months. We want this delivered in 12 months.
It's not about you getting a benefit some years in the future and having the tax problems and dealing with shares and all those things as well. We'll have your skin in the game in the long-term incentive plan, which can be quite significant, a lot of value at risk to performance in terms of, as we'll see later today, the shares that Mark gets allotted, but he has to earn. That's the skin in the game with shares over the long term. So I think we'll have to just agree to differ there a bit, Bob, but I do appreciate your opinions. You're not the only one that has a view on deferred STIs going into shares, but at this point, we're comfortable where our policy is. Any questions online?
Mr. Chairman, no questions online.
Okay. Thanks, Bob, for your question. All right. I have to take my glasses off to read, sorry. Then I can't see any of you, but even though I look like I'm looking at you. Okay. So no more questions. If there are no further questions, I'll now move to the next resolution, noting that this resolution will be voted by poll at the end. Next item of business relates to the reelection of a director, and as it relates to my appointment, I will temporarily hand the position of chair of the meeting to Fiona Murdoch, who's chair of REM and NOM. Thanks, Fiona.
Thanks, Bob. So resolution two deals with one director standing for reelection today being Robert Scott Vassie. Mr. Robert Scott Vassie retires by rotation pursuant to the ASX listing rules and constitution of the company, and who being eligible offers himself for reelection as a director of the company. The number of proxies received for this resolution is shown on the screen. I now move resolution two as set out in the notice of the meeting that Robert Scott Vassie, being a director of the company who retires in accordance with listing rule 14.4 and clause 47 of the company's constitution and being eligible, offers himself for election, be reelected as a director of the company. Are there any questions on this motion?
Nothing online.
Thank you. So if there's no questions, we'll now move to the next resolution, noting that this resolution will be voted on by the poll at the end.
Thank you, Fiona. And I'd just like to thank whoever made the slides for using a photo of me that's 10 years old. Very flattering. Thank you. All right. Resolution three granted performance rights to a director. The number of proxies received for this resolution is shown on the screen. I will now move resolution three as set out in the notice of meeting that approval be given for the purposes of ASX listing rule 10.14, sections 200(b) and 200(e) of the Corporations Act and for all other purposes to the acquisition by Mr. Mark William Zeptner of 486,842 performance rights in accordance with the terms of the performance plan and on the basis described in the explanatory statement accompanying the notice convening this meeting. Are there any questions on this motion? Anything from the.
Nothing, Mr. Chairman.
You sure you got it plugged in?
I have.
Okay. All right. All right. If there are no further questions or no questions at all, I will now move on, noting that this resolution will be voted on by poll at the end. We'll move to resolution four, approval of increase to non-executive director fee pool. The number of proxies received for this resolution is shown on the screen. I now move resolution four as set out in the notice of meeting that for the purpose of ASX listing rule 10.17, clause 50.1 of the company's constitution and for all other purposes, shareholders approve an aggregate increase of the maximum total aggregate fees payable to non-executive directors of the company from one million per annum to 1.25 million per annum to be allocated between the non-exec directors as the company determines on the terms set out on the explanatory statement. Are there any questions on this motion?
Nothing from the floor. Anything online?
Nothing online, Mr. Chairman.
Okay. I'm going to get to lunch early here. Okay. If there are no questions, I will now move on, noting that this resolution will be voted on by poll at the end, and that's the end of it. Ladies and gentlemen, that concludes our discussion on the items of business, and I'll just check at this time whether there's any general questions. Nothing online. Okay, so we'll move on to the poll. Ladies and gentlemen, we will now conduct the poll on motions numbered one to four. I have already discussed voting procedures for those attending online. In a couple of minutes, I will close the voting system. Please ensure that you have cast your votes on all resolutions. I will now ask you to finalize those votes.
For those present here in the Fraser Suites, firstly, if there's any person present who believes they're entitled to vote but has not registered to vote, would you please raise your hand for assistance? We have someone here that can help you. Mike needs assistance, as usual. Okay.
Individual.
Yeah. You should have received material at the time you registered with the Computer share staff prior to the meeting. The people entitled to vote on this 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. I will now go through the procedures for filling in the voting papers. Proxy holders have attached to their admission card a summary of proxy votes, which details the voting instructions for business items on the appointment documents in your favor. By completing the voting paper when instructed to vote in a particular manner, you are deemed to have voted in accordance with those 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. Proxy holders should refer to the summary of proxy votes form attached to your voting paper for further information. Shareholders will also need to mark a box beside the motion to indicate how you wish to cast your votes. Please ensure you print your name where indicated and sign the voting paper. When you have finished filling in your voting paper, please lodge the voting paper in the ballot box being held by our share registry staff from Computer share. I've got a vote as well. I get to vote for myself as well as a proxy. Thank you. If you require assistance, please raise your hand.
We'll just allow a few moments while we take those forms in here at the Fraser Suites. I'm about to close the voting online, so make sure you've completed. Okay. Voting is now closed. Ladies and gentlemen, the results of the poll will be declared by announcing the details to the ASX when they are available. Thank you for your attendance, and I declare the meeting closed. Thanks, everyone.