AGM 2026

Oct 15, 2026

Summary

FY26 underlying EBITDA rose 28% to $2.5bn, with underlying earnings up 55% to $1bn. The proposed Alcoa asset sale would pivot the portfolio toward base metals, while management emphasized safety, disciplined growth funding and continued shareholder returns.

Welcome everyone, and thank you for joining us today in person and online. My name is Stephen Pearce, and it is my great privilege to chair South32's annual general meeting for the first time. I would like to start by acknowledging the traditional owners of the land on which we meet, the Whadjuk people of the Noongar nation, and pay my respect to elders past and present. I also acknowledge and pay my respects to the other indigenous traditional and tribal peoples of the land where South32 is located and where we conduct our business around the world. In the spirit of respect and reconciliation, we will ways of life of indigenous traditional and tribal people so that their legacy continues and extends to future generations. I would now like to ask Barry Winmar to come forward to offer a welcome to country. Thanks, Barry. I begin by acknowledging my elders past and present. I also acknowledge today we stand on my ancestral land. This is the land of the Whadjuk Noongar people. I represent a civilization with the longest continuous connection to this place for some 65,000 years. I represent elders and leaders that have welcomed visitors to these sacred lands for more than 3,000 generations. A welcome to country is a sign of mutual respect. I acknowledge and pay my respects to South32 for including a Welcome to Country as part of today's annual general meeting. I also like to acknowledge First Nations peoples that are with us here in the room, and also the care of the land and relationships with the First Nations peoples on the lands on which South32 operates. From the beginning of time till the end, this is Noongar country. Noongar people have been graceful keepers of our nation for many, many years. We respect the Earth, our mother, and understand we belong to her. She does not belong to us. In all her beauty, we find comfort, and she becomes a place for everyone to become keepers of Noongar country. We ask that you look, listen, understand, and embrace all the elements of Noongar country. This is forever our home. Well, good morning, ladies and gentlemen. It is an honor and a privilege to be here today on the lands of my people, the Whadjuk Noongar people. This is my grandmother's country, and it is an honor and a privilege to be here today. I started with wirrin on the didgeridoo to awaken the spirits of my ancestor, the sound to reverberate through this ground, to awaken them, that there are visitors here today. Those that have traveled and those that live here, for the good spirits to watch over each and every one of you while you are at this place, because this is a safe place today. To also to ensure once your business is completed, there is safe passage back to your homelands and the arms of the families of your loved ones. In Noongar culture, we talk about the challenges that we have faced. We know that the challenges of yesterday, we try and try to solve those problems today, because there will be more challenges tomorrow. South32 has had a transformational change in the last 12 months with a change of leadership, and we look to the future, just as Noongar people do, but we stand together all as Australians, and we look to the east as we watch the sunrise. It comes over those hills, shines on this beautiful Whadjuk Noongar country and rests on our golden shores. We know the challenges are coming, but we know if we stand united as Australians, all as one people, looking after this country and this wonderful country and the lands in which we work and operate and care for the people that are most importantly to our business, we know that we will get through. With the responsibility bestowed upon me by Noongar elders and leaders, I welcome everybody here today, and I say to you, Hello and welcome. My heart is happy as we're gathered here this morning on Whadjuk Noongar Boodjar. Welcome everybody. Thank you. Thank you, Barry. I really do love the sound of the didgeridoo, and I really admire the skills in being able to play that as well. Skills I don't have. We're really grateful that you are with us here today on the banks of the beautiful Derbarl Yerrigan, or the Swan River. Thank you again, Barry. Much appreciated. I'm joining you today along with Matt Daley, who was appointed our Chief Executive Officer and Managing Director on the 1st of July, and Claire Tolcon, our Company Secretary. Joining me on stage from my far right, that way, directors is Jane Nelson. Welcome, Jane. Geoff Healy, Xiaoling Liu, Wayne Osborn, and Claire. So I've introduced. From the far end on my left is Mandla Msimang. Welcome, Mandla. Sinead Kaufman, Carlos Mesquita, Sharon Warburton, and of course, Matt. Thank you all for joining us today. Members of South32's lead team are also attending today, either in person or remotely. Also joining us is Jane Bailey from KPMG, the company's auditor, and Chris Dedrick from Computershare Investor Services, who's been appointed as Returning Officer and scrutineer of the poll. I confirm that a quorum is present and formally declare the meeting open. I'll just now ask Claire to run through some of the procedural matters. Thanks, Claire. Thank you, Stephen. Today's AGM is being conducted as a hybrid meeting, enabling shareholders, proxy holders, and guests to attend in person or online. For those joining us in person, please take note of the emergency exits and the evacuation information displayed on screen. If you would like to ask a question, when prompted, please raise your hand and introduce yourself to one of our microphone attendants. Please retain your voting card until you are asked to complete and submit it towards the end of the meeting. For those joining us online, if an emergency occurs in the room, please remain connected. An update will be provided through the online platform. You may submit a written question using the Q&A icon on your screen. You may also ask a verbal question using the dial-in facility, details of which are available within the platform. Eligible shareholders may cast their votes using the Vote icon until voting closes. Questions received in advance of the meeting will be read by our moderator, Mark Worthington. If multiple questions are received on the same topic, we may group them together and provide a single response. If we experience a technological failure that prevents shareholders from having a reasonable opportunity to participate, updates will be provided on South32's website and to the relevant stock exchanges. I want to hand you back to Steven. Many thanks, Claire. Much appreciated. As stated in the notice of meeting, all resolutions will be decided today by poll. I now declare the voting open, so you may begin recording your votes. The proxy position on each item of business, together with the Chair's and CEO addresses, has been released to the ASX before the commencement of this AGM. We will also display the proxy position on each resolution before inviting questions on that resolution. I will now do the Chair's address. This year has seen significant change at South32. Before last year's AGM, it was announced that Karen Wood would retire from the board. That was after eight years as a Non-Executive Director, including seven as Chair. During that time, we were fortunate to benefit from Karen's knowledge, strong governance principles, and purpose-driven approach. As Chair, she worked with our board and management team to reposition South32 and capitalize on the increasing global demand for base metals. I would like to acknowledge Karen for her major contribution to our business. Karen retired on the 1st of March, and I then worked with our inaugural CEO, Graham Kerr, to oversee the final stages of the CEO transition process, which led to Matt being appointed to the role. I also congratulate Graham on his outstanding contribution to South32 over the past 11 years. Let's acknowledge that as well. He was instrumental in defining our purpose and strategy. He established a values-based and safety-focused culture, and he was a driving force in reshaping our portfolio with a disciplined approach to capital management. The South32 we are today is in large part because of Graham's vision. He set up a strong foundation for our future success. I welcome Matt to his first AGM, and we will hear from Matt shortly. Matt's a highly accomplished executive who brings extensive operational and leadership experience to South32. He joined our company in February, initially as Deputy CEO, where he oversaw our Australian and African operations. Since then, he's spent time at our sites and engaged with many of our stakeholders. He has a clear plan to take our business forward, centered on delivering safe and reliable operations and continuing to grow our production of base metals. I know he's looking forward to meeting more of you after the meeting. In March this year, not long after joining South32, Matt traveled to Worsley Alumina after Simon Mukwarami was fatally injured at the refinery. Simon was undertaking a plant maintenance activity with his work crew when the incident occurred. On behalf of the board, I want to express our heartfelt sympathies to Simon's family and friends, and to the people at Worsley who were deeply affected by his passing. The board acting shortly. You will also notice some other new faces up here today. At last year's AGM, we said farewell to two of our inaugural directors, Frank Cooper and Futhi Mtoba, who retired that day. Since then, as part of our board process, we have welcomed two new Independent Non-Executive Directors, Geoff Healy in December and Sinead Kaufman in April. Geoff has more than three decades of experience within the professional services and natural resources industries, while Sinead has 30 years international experience in the resources sector. They both bring a range of skills and are contributing significant value to the board. As well as leadership change, this year has also seen the announcement of transformational change for our portfolio. On June 30, we entered into a binding conditional agreement to sell our aluminium value chain assets to Alcoa for up to $5.6 billion U.S. As part of that transaction, Alcoa will acquire South32's interest in Worsley Alumina, Hillside Aluminium, MRN Bauxite Mine, the Alumar Alumina Refinery, and the Alumar Aluminium Smelter. The transaction is expected to complete in the second half of FY27, subject to the waiver and satisfaction of relevant conditions, and it is of course subject to shareholder approval later in this meeting. Matt will talk more to what it means for our portfolio going forward. What I will say now is that this transaction is transformational for South32, a step change that repositions us as an upstream base metals company with high margin assets and transformational growth. It will provide us with additional balance sheet flexibility to invest in our next phase of growth while delivering shareholder returns. The sale of our aluminium value chain assets will materially change our emissions profile, energy use, and exposure to certain climate-related risks and opportunities. While Hillside and Worsley account for more than 95% of our operational emissions in FY26, the transaction will also have implications for our climate change action plan and our target to halve net operational emissions by FY35 from FY21 levels. We are already reviewing what this means for our climate change approach, including our FY35 target, decarbonization pathways, key assumptions, planned initiatives, and measures we use to track progress. We will update shareholders on the outcome of this work and reflect on any resulting change in future reporting. Visiting our operations and offices is a highlight for the board. It gives us a chance to witness our business in action, assess our workplace culture around the world, and crucially, see how our people approach safety. In December, the board was delighted to visit our Hermosa project in Arizona. Hermosa has the potential to become a significant long-term producer of critical minerals across multiple deposits. While there, we also attended a community engagement event at Nogales, where our remote operations facility is being built, and we learned more about the social and economic benefits this project is expected to support in the region. In February, we held a board program at our office in Johannesburg in South Africa. We also traveled to the town of Mayaton to see the enduring benefits of our social investment initiatives. We toured a clinic which offers preventative healthcare, a primary school which supports children and young adults living with mild intellectual difficulties, and a center which provides protection and support for vulnerable children. This commitment to community is a great example of social investment that aligns with our purpose of making a difference by improving people's lives now and for generations to come. Across our global operations, we understand our important role in responsibly operating our assets and making a meaningful economic and social contribution to the communities in which we operate. We were proud to invest $23 million on social investment initiatives during this year. At the same time, we know our activities can have adverse impact, and we seek to minimize those through the implementation of our sustainability policy. This sets out our commitment to continuously improve performance, optimize our positive contributions, and mitigate adverse impacts. FY26 saw a continuation of global geopolitical instability and economic volatility across markets. We tackled the effects of disruptions to supply chains, inflationary pressures, and ongoing trade tariff announcements. Against this backdrop, we recorded a strong operating performance. We returned $327 million to our shareholders during the year. This included $292 million in fully franked ordinary dividends and $35 million via our on-market share buyback. This reflected our strong financial performance and disciplined approach to capital allocation. In February, the board increased our capital management program by $100 million, taking it to $2.6 billion. In this new financial year, we approved a further extension of the program to September next year, with $209 million remaining to be returned to shareholders. In closing, I'd like to reiterate how honored I am to be the Chair of South32 at this time of our transformation, and I'm excited about what lies ahead for the company. The strategic priorities include completing the sale of our aluminium value chain assets, progressing our Hermosa project, and continuing to grow our exposure to base metals. Of course, we cannot do that without support of our investors, and we thank you for that, and I look forward to continued engagement with you. I'd also like to thank our people around the world for their hard work, commitment to safety, and focus on delivering our purpose and strategy. I'll now hand over to Matt. Thank you, Stephen. I'd also like to acknowledge the Whadjuk people of the Noongar nation and pay my respects to the elders past, present, and emerging. Thank you everyone for joining us today. It's a real honor to speak to you at my first AGM as the South32 CEO. Since joining the company in February, I've had the chance to visit our operations and meet many of our employees, stakeholders, and investors around the world. As Stephen mentioned, it's been a year of significant change for South32, where we've taken steps to simplify our business, strengthen our financial position, and advance the growth opportunities that will define our future. The most important measure of the success of our company is the safety of our people. By that measure, we've not achieved the standards we expect of ourselves this year. In March, as Steven mentioned, our colleague Simon Mukwarami was fatally injured at an incident at Worsley Alumina. On behalf of everyone at South32, I extend my deepest condolences to Simon's family, friends, and colleagues. I visited Worsley shortly after the incident to support the team and gain an understanding of what happened. We have worked with authorities to reinforce how we manage working at heights risks at Worsley, including through our existing controls, permits, and risk management processes. More broadly, we will continue to look across the entire group for opportunities to design work differently to eliminate or reduce working at heights risks where feasible. During the year, we did see improvements in our trends in key leading and lagging indicators, including our significant hazard frequency rate, which increased by 25%, our lost time injury frequency, which improved by 29%, and our total recordable injury frequency, which improved by 8%. This shows we are getting better at identifying hazards and putting controls in place to prevent incidents, and the number of injuries we are having is reducing. But these statistics do not change the fact that a person did not return home to their loved ones, and we will never lose sight of that fact. As CEO, I am unwavering in my commitment to a workplace free from fatalities, and that commitment must guide every decision that we take at the company. FY26 was a real pivotal year for our business, where the portfolio continued to evolve. In December, we completed the divestment of Cerro Matoso, and in March, Mozal Aluminium was placed in care and maintenance after not being able to secure sufficient and affordable long-term power supply. As Steven mentioned, in July, we announced the next step in the transformation of our business with the agreement to sell the aluminum value chain assets to Alcoa. Consistent with our strategy, the sale repositioned South32 as the leading base metals company listed on the ASX and allows us to realize the value that comes from combining our alumina operations with Alcoa's in Western Australia. For South32, it will unlock significant value for our shareholders. Once completed, we will be a simpler business focused on high margin base metals assets in tier 1 jurisdictions with a clear pathway to substantial growth in copper and zinc. We will have the balance sheet strength, the financial flexibility to fund that growth while continuing to deliver shareholder returns. With a more focused portfolio, we are creating more value through a simpler asset-led operating model. This means putting accountability and decision-making closer to the ore body to make decisions quicker and deliver safe, consistent operating performance. Over time, we expect these changes to lower our overheads by around USD 125 million, which will further strengthen our competitiveness and ability to invest in growth. When we talk about our pathway to transformational growth, the first component comes from near-term embedded growth in copper and zinc, two commodities with attractive fundamentals. We have high margin assets that can grow production from projects already in construction by 55%. A large part of that will come from Hermosa's large scale, long life zinc-lead-silver Taylor project. Earlier this year, an assessment of Taylor's project milestones confirmed its potential to deliver attractive returns, and we expect its operating life to increase by five years now to 33 years. Our growth capital expenditure was updated to around $3.3 billion, and first production is now expected in the second half of FY28. Taylor will also support future growth phases at Hermosa, including the Peak deposit, where exploration work is continuing to support the potential for a future copper production. Hermosa also has a highly prospective land package where more than 15 prospects have been identified for future drill testing. Alongside Hermosa, there is near-term copper growth at Sierra Gorda, where construction has now commenced on the fourth grinding line, which is expected to increase copper equivalent production by around 30% by 2031. In the meantime, at Sierra Gorda, we also anticipate production growth of 5% in FY27 and a further 2% in FY28, supported by higher planned copper grades. In addition to this near-term growth, we have substantial work underway across our pipeline of life extension projects and greenfield options. At Cannington, we are investing to extend underground mine life and unlock value from its high-margin, silver-rich production. We are also progressing study work for a potential open-pit development. Beyond this, we have exciting development opportunities in base metals. In Alaska, Ambler Metals Joint Venture offers high-grade copper and zinc options. We continue to make progress with some of field work now complete, and key milestones have been achieved on permitting and access. The Arctic deposit was recently confirmed as covered project under the U.S. government's FAST-41 program, building on its support for Ambler Access Road in October 2025, which is an important step towards unlocking the Ambler Mining District's potential. Alongside our focus on base metals, we also have a strong position in manganese, where our focus is to run these operations safely and reliably. At Gemco, the team continues to manage elevated water levels on site, including the approvals and water management infrastructure required to sustain production, and we are looking at low-cost life extension options in the Eastern Leases North and the southern areas. Global markets remain volatile this year and we continue to manage external factors such as higher freight rates and raw material input costs. Despite this, our base metals business drove strong earnings and cash flow underpinned by disciplined operating performance, enabling us to really capture the benefit of those commodity price tailwinds while actively managing and mitigating the impacts of industry-wide inflationary pressure. Our underlying EBITDA increased by 28% to $2.5 billion, and underlying earnings increased by 55% to $1 billion, and we finished the year with net cash of $283 million. This is one of our best ever financial results, which is underpinned by strong performance across our base metals assets. As we enter the next phase of South32, we do so with a really strong business. Much of this is due to the really strong leadership of our inaugural CEO, Graham Kerr, and I would like to personally thank him for his significant contribution. Going forward, we will have a simplified, high-quality portfolio, a strong balance sheet, and a clear strategy focused on the metals the world needs. We are advancing attractive growth and life extension opportunities, and combined with our exploration pipeline, we have the potential to deliver growth and returns to our shareholders for decades to come. How we deliver matters just as much as what we deliver, and we remain committed to creating enduring value for our host communities through jobs, opportunities, and economic benefits that our operations provide. In closing, I want to thank our people across the world for their hard work and dedication during this year of significant change. Our future is bright, and I look forward to delivering on our strategy and seeing what we can achieve together. Thank you very much. I'll now hand back to Stephen. Thank you, Matt. We'll now move to the formal items of business. Each resolution and the accompanying explanatory notes are set out in the notice of meeting dated the 10th of September 2026. In addition to consideration of the company's reports, the business before the meeting comprises eight ordinary resolutions and one special resolution. A further conditional ordinary resolution set out in item 8 of the notice of meeting will not be put to the meeting. Based on the proxy votes received and released to the ASX prior to the meeting, together with the votes available to be cast at the meeting today, less than 25% of votes will be cast against the resolution 4 to adopt the 2026 remuneration report. As a result, the company will not receive a second strike, and the resolution contained in item 8 is not needed to be considered by shareholders. Other than in respect of resolutions in which they have a personal interest, the directors recommend that shareholders vote in favor of resolutions 2 to 6 inclusive. The directors unanimously recommend that shareholders vote in favor of resolution 7 in the absence of a superior proposal and subject to the independent expert maintaining its conclusion that the proposed disposal is in the best interest of shareholders. I intend to vote all available undirected proxies I hold as chair in accordance with the board's recommendations. We will work through each resolution in order, display the summary of proxies received, and invite questions on each of them. The first item of business is to receive and consider the financial report, directors' report, sustainability report, and auditors' report for the financial year ended 30 June 2026, as set out in the company's 2026 annual report. It's a mouthful. Shareholders are not required to vote on these reports. They are tabled for discussion. As mentioned earlier, Jane Bailey from KPMG is with us and available to answer questions relating to the conduct of the audit and the auditor's report, including relevant questions concerning the audit and assurance work relating to the sustainability report. Before inviting questions or comments on the reports, I would like to address any questions submitted by the shareholders before the meeting. Mark, could you please read any relevant questions received in advance of the meeting? Chair, the first question is from Mr. Kevin Selms: When can I expect the dividend reinvestment plan to start? Thank you, Mr. Selms, for your question. South32 doesn't currently have a dividend reinvestment plan as we don't feel it necessary to increase the shares on issue. I understand that Computershare has a facility called ReINVESTMe that shareholders can access via their website if they make the decision to reinvest their dividends, so absolutely their decision to do so, or you could buy shares on market in the normal way. I would encourage you to have a look at their website. Thank you. The next question is from Mrs. Pauline Clark: What is the strategy to diversify for trade disruptions? Yeah, thank you, Mrs. Clark. It's a very topical subject at the moment and probably part of a broader risk assessment that we look at at the board and management point of view in terms of business continuity and potential disruptions, and it does form part of our material risks that we discuss in the annual report. We really tailor our approach depending on the risk that we see. Where possible, we establish long-term relationships with key suppliers, particularly if they're global suppliers and they can supply us long-term around the globe where our operations sit. If that's not possible, then we'll look at specific circumstances, and sometimes we'll try to split the supply between a couple of suppliers so that we can manage the risk of supply disruption. That's the main way that we look at trying to manage that sort of risk. Thank you. The next question is also from Mrs. Clark: How is South32 stress testing its portfolio and capital allocation decisions against prolonged geopolitical instability, shifting tariffs, and supply chain disruption? What specific indicators would trigger a change in strategy? Yeah, thank you, Mrs. Clark. Again, very topical. Things that could disrupt the operations, but also from a capital management point of view, what really underpins our strategy there is the strength of the balance sheet, and we really do try to set that up so it can see us through the ups and downs of the commodity cycle. I think that's one thing we are guaranteed as a company in our industry, that things will go up and down over time. So we run sensitivities on that. We look at prolonged downturns, actions that we would take, et cetera. We also have quite material undrawn financial facilities that should we need to, we could draw on. It's also part of the reason we allocate capital often in a 10-year and 20-year timeframe, and so we need to set the balance sheet and the company up to see through those ups and downs. Maybe that's why sometimes we're accused of having a conservative balance sheet, but it is for very good reason. Thank you. The next question is from Mr. David Bryce: Copper assets seem to be a metal of the future along with rare earth elements. What assets does South32 have that could be classed as critical metals of the future? Yeah, that really has been a major emphasis of our whole strategy of portfolio transformation, is to pivot towards those future-facing base and critical minerals. I think we've been pretty successful to that, obviously, subject to today's vote on and completion of the Alumina transaction. Most of the products that we produce are listed as critical minerals in places like the U.S., Australia, EU, and Japan. Those countries have identified things right in our sweet spot, copper, zinc, lead, silver, and manganese, amongst their critical minerals. So we are very well-placed to produce those metals that the world needs. Also, as Matt spoke about, we have a very exciting future in front of us in terms of the growth that we can deliver as we deliver some of the projects in front of us. Thank you. The next question is from Mrs. Helen Haysom: When is the company going to reduce the remuneration packages for the senior executives and board members to no more than 10 times the wage of the lowest-paid employee or contractor? Yeah. Thank you, Mrs. Haysom. We appreciate it's a sensitive topic, but we need to attract and retain high-caliber leadership team and board to run the business of South32, and we need to do that in a competitive way. We benchmark our remuneration structures, salaries, et cetera, to make sure that we're competitive, and we don't have any plans at this stage to cap that remuneration in the way that you suggest. We do disclose, however, our pay ratios, and they're contained in the sustainability section on our website. So I encourage you to look at that. We intend to keep doing so, but we don't have any plans to cap remuneration. The next question is from Ms. Natasha Lee: While artificial intelligence has been deployed to improve safety, and I understand that AI cannot eliminate all risks, given there was a fatality, in the post-event safety review, would AI have assisted to predict or mitigate this risk? Yes. Matt and I both referenced it was really a tragic incident down at Worsley, and we are working with authorities to learn whatever lessons we can from that incident and make sure we apply them across the whole organization. It is still subject to ongoing review and investigation, so I am limited as to what I can say on the specifics. As a general point, yes, AI can absolutely play a key role in some of our safety initiatives if it is used well and used sensibly in the operations. We already do some of that, and maybe just a couple of examples. You can use AI to look at truck movements and compliance with safety protocols. Do the trucks stop at stop signs? Are they maintaining the right speed as they are moving, whether it be on open road or on roads around the mine sites? You would be familiar now with some of the technology in your own modern cars that look at your eyes in terms of tiredness and those sort of things, and we adopt all of those things sensibly, where it makes sense to do that. We absolutely remain open to those sort of initiatives because they can complement some of the policies and practices and just enhance the culture across the organization. Very open to that used properly. The next question is also from Ms. Lee. It is good that water reuse and recycling has increased significantly and there has been installation of infrastructure to treat non-potable water at Hillside Aluminium. Is this type of infrastructure planned to be deployed at other sites? Is it possible that near 100% water recycling or reuse be possible in the near term? Yeah. Water stewardship is a really important matter for us to manage through, and we have quite detailed policies and procedures and discussions across the organization as to how we do that best. In my experience, I am yet to find what I would call the Goldilocks mine that has the exact right balance of water in and water out. They are very hard to come by. They either have way too much water, not enough water, or even if they are broadly balanced over a year, it all comes down in 3 months of the year and is dry for the other 9 months. So it is a very difficult thing to manage across large mine sites. Nonetheless, from the center, obviously, we try to establish the policy procedures, the directions, et cetera. A lot of the on-site initiatives really need to be tailored to the site. The Hillside example that you use is a really good one, where we can retreat, reuse, and capture some of that water in our processing facilities. Each of the teams at the local locations look at exactly that sort of initiative as to how we can capture and best use that water. It is a scarce resource. We recognize that across the globe, so we try to set ourselves up to do the best that we possibly can in that space. Thank you. Chair, there are no further pre-submitted questions. Thank you. I will then turn to the room. Are there any questions or comments from shareholders in the room? I think we have one here on my left. Chair, introducing Cameron. Thank you, Chair. Cameron McNeillich is my name. First, well done on maintaining gender parity on the board. I am particularly pleased to see- Thank you. Ms. Kaufman joined as well. I understand from last year's AGM that there had not been a competitive tender for the independent audit in the 10 years since the merger from BHP. Have you done or planned for a competitive tender for the audit since last year's AGM? Every year, we review the performance of the auditors as part of our normal annual reporting processes and cycle, and we do that via the audit committee initially, but it's also reported up to the board. We also talk to a lot of the senior leadership across the organization to get their feedback. We also get feedback from the auditors as to how we've gone, because it is a bit of a two-way street, and we do want appropriate challenge from the auditors. You'd be aware, obviously, South32 was formed just over 10 years ago. So, no, we haven't done a formal tender. We have done a couple of formal reviews and processes across their performance and whether we should in fact go to market. So it's only been the 12, 13 years, Sandy? What are we up to? 12, 13 years that they've been on board. Even if we adopted the new regime that maybe is being talked about and is similar to the U.K. processes, you would come up to mandatory rotation at the 20-year mark. But it is something that we review every single 12-month period, but we haven't planned to do that at this point in time. But thanks for the question, Cameron. We have another question over there. Chair, introducing John Campbell. Good morning, John. How are you? Stephen, thank you very much for your time earlier to have a meeting with us to discuss Pleasure our concerns and Wayne Osborn, too. Chairman, I am representing Australian Shareholders' Association. I have got proxies from 460 shareholders. Well done from about 4.3 million shares. Quite significantly less than last year. It is because they like what we are doing, John, I am sure. Maybe that is it. I hope so. At any rate, on Hermosa, I commented last year the ore grade is lower than Cannington. In the meantime, you have come up with cost overruns on the development of quite a significant amount. We appreciate that it is a very long-running mine, that it is going to go well. But your return on invested capital this year of about 13.6%, I think it was. Do you see Hermosa improving on that return on invested capital over time? Yeah, I do, John. I think Hermosa is a really exciting project for us. Yes, I acknowledge we did announce an increase in the capital and a slight increase in the time as well. But if you look at the detail in that announcement, we also announced a significant step up in reserves and resources and applying anything like today's commodity prices, a substantial increase in NPV. So we are really pleased with the project. Not pleased with the delay and the cost increase, let me say. Yeah But we will, going forward, assuming that the Alcoa transaction completes, we will have then a complete portfolio of higher margin base metals projects. So yes, over time, as that project comes online, I would expect our overall return on capital to improve. Thank you. I have questions on the sale of aluminium, but I expect you will allow questions when that resolution comes up. We will absolutely address questions on that if you are happy to wait then. Thanks. John, can I just acknowledge, while I do have a moment, your role in the ASA? I know we don't always agree with all of your questions and your points, but the role that you play is a very valuable role. I'd just like to acknowledge that and AGM. I think so, yes. So, listen, congratulations for the role that you've played and the way you've interacted with the company. It's much appreciated, so thank you. It's been a pleasure, actually. Yeah. Thank you. Thank you. Cheers. Any other questions in the room on this particular topic? We will come to the other ones lately. Mark Worthington, are there any written or online questions that we need to go to? There are no further questions on this item. Lovely. Thank you. We'll move to the next item of business. Resolution 2A is for the re-election of Dr. Xiaoling Liu as a Director of the company. Xiaoling has been an Independent Non-Executive Director of South32 since November 1, 2017. She is a member of the Nomination and Governance Committee, Risk and Audit Committee, and Chair of the Sustainability Committee. The Board, with Xiaoling abstaining, recommends that shareholders vote in favor of Xiaoling's re-election. Xiaoling, can I please invite you to address the meeting? There you are. Thank you. Thank you, Stephen. Good afternoon, everyone. I have served on the South32 Board since November 2017. I chair the Sustainability Committee and I'm a member of Risk and Audit Committee and the Nomination and Governance Committee. Before joining the Board, I spent 26 years with Rio Tinto, most recently as President and CEO of Rio Tinto Minerals. I have since held a number of non-executive Director roles with other listed companies. I have drawn on this executive and Board experience to contribute to the Board oversight of safety, operational, and financial performance, major projects, sustainability and innovation. It has been an honor to serve on the Board, and I thank you for your support over the years. As Stephen mentioned, this is intended to be my final term on the Board. I do not currently intend to seek re-election when this term concludes. I'll hand over back to my Chair. Thank you very much, Xiaoling. Are there any questions or comments on this resolution? Mark, anything online? There are no further questions at this time. Many thanks. If you have not already done so, please record your vote on resolution 2A. Thank you. Resolution 2B is for the re-election of Carlos Mesquita as Director of the company. Carlos has been an Independent Non-Executive Director of South32 since the 1st of May 2023. He is a member of the Nomination and Governance Committee and the Sustainability Committee. The Board, with Carlos abstaining, recommends that shareholders vote in favor of Carlos' re-election. Carlos, can I please invite you to address the meeting? Thank you, Stephen, and good afternoon, everyone. I have served on the South32 Board since May 2023, and I am a member of the Sustainability Committee and the Nomination and Governance Committee. During my 30 years with BHP, I held senior operational and project roles, including as Asset President of Mozal Aluminium and Escondida. I have drawn on the experience to contribute to the Board's oversight of safety, operational performance, capital allocation, major projects, and risk. It is a privilege to serve on the Board, and I would be grateful for your support for my re-election today. I will now hand back to you, Chair. Thank you, Carlos. Are there any questions or comments on this resolution in the room? Mark, any questions online? There are no further questions. Okay. Many thanks. If you haven't already done so, please record your vote on resolution 2B. Thank you. Resolution 2C is for the re-election of Jane Nelson as a Director of the company. Jane has also been an Independent Non-Executive Director of South32 since the 1st of May 2023, is also a member of the Nomination and Governance Committee and the Sustainability Committee. The Board, with Jane abstaining, recommends that shareholders vote in favor of Jane's re-election. Jane, can I please invite you to address the meeting? Thank you. Thank you, Stephen, and good afternoon, everyone. Like Carlos, I have also served on the South32 Board since May 2023 and am a member of the Sustainability Committee and the Nomination and Governance Committee. I am a Non-Executive Director at Newmont Corporation and chair its Safety and Sustainability Committee. I am also a Senior Fellow and Director of the Corporate Responsibility Initiative at Harvard Kennedy School and have advised companies, governments, and multilateral institutions on sustainable development and stakeholder engagement. I have brought this governance, academic, and advisory experience to our Board's oversight of sustainability and of stakeholder and long-term value creation matters. It has been an honor to serve on the Board, and I would welcome your support for my re-election today. I will now hand back to our Chair. Many thanks, Jane. Are there any questions in the room or comments on this resolution? Mark, turning to you again. There are no further questions. Many thanks. If you've not already done so, please record your vote on Resolution 2C. Thank you. Resolution 3A is for the election of Geoff Healy as a Director of the company. Geoff was appointed as an Independent Non-Executive Director with effect from December 2, 2025. He's a member of the Nomination and Governance Committee and Remuneration Committee. The Board, with Geoff abstaining, recommends that shareholders vote in favor of Geoff's election. Geoff, can I please invite you to address the meeting? Thank you, Stephen, and good afternoon, everyone. Since joining South32, I've developed a strong understanding of the company, its portfolio, and its operations. As Stephen mentioned, I'm a member of the Remuneration Committee and the Nomination and Governance Committee. I am a Senior Advisor at Boston Consulting Group and previously held senior executive roles at BHP, including as Chief External Affairs Officer. I look forward to drawing on my experience across strategy, external affairs, health and safety, and risk to support the Board's work. South32 is in a very strong position. I'm delighted to have joined the Board, and I would appreciate your support in my election today. Back to the Chair. Thank you. Many thanks. Geoff. Are there any questions or comments on this resolution in the room? No. Mark, anything online? There are no further questions. Thank you very much. If you've not already done so, please record your vote on Resolution 3A. Resolution 3B is for the election of Sinead Kaufman as a Director of the company. Sinead was appointed as an Independent Non-Executive Director with effect from 1 April 2026. Since May 2026, she's been a member of the Nomination and Governance Committee and the Sustainability Committee. The Board, with Sinead abstaining, recommends that shareholders vote in favor of Sinead's election. Sinead, can I please invite you to address the meeting? Thank you, Steven. Good afternoon, everybody. Since joining the South32 Board in April, I've really welcomed the opportunity to learn about the company, about its people, and also its operations. I'm a member of the Sustainability Committee and the Nomination and Governance Committee, and I'm also a Non-Executive Director of Deep Yellow Limited and was previously the Chief Executive Minerals at Rio Tinto. I look forward on drawing on my international experience in technical, in operations, and in leadership to be able to contribute to the Board, and particularly our discussions on strategy, on safety, on operational performance, sustainability, and growth. It is a privilege to be able to serve on the Board of South32, and I would appreciate your support for my election. Thank you. Thanks, Sinead. Are there any questions in the room for Sinead? No. Mark, anything online? There are no further questions. Lovely. Thank you. If you've not already done so, please record your vote on Resolution 3B. Thank you for your support on those elections and reelections. The skills around the table are really appreciated from my point of view and from the leadership team's point of view as well. Item 4 is the adoption Resolution 4, sorry, concerns the adoption of the remuneration report for the financial year ended 30 June 2026, which is set out on pages 150 to 172 of the 2026 annual report. The vote on this resolution is advisory only and does not bind the Directors of the company. At the 2025 Annual General Meeting, more than 25% of the votes cast on the 2025 remuneration report were against its adoption, resulting in a first strike. in response, the Board considered feedback from shareholders and proxy advisors. The 2026 remuneration report explains the Board's response, including the rationale for CEO remuneration decisions, enhanced disclosures of FY26 business scorecard targets and outcomes, and additional disclosure of the CEO's individual performance assessment. As mentioned earlier, based on the proxy results received and the votes available to be cast during the meeting, the company will not receive a second strike, and therefore Resolution 8 will not be put to the meeting. The Board recommends that shareholders vote in favor of Resolution 4. The voting restrictions applying to this resolution are set out in the notice of meeting. Are there any questions or comments on this resolution? We have one in the room. Thank you, John. Chair, introducing John Campbell. Thank you, John. Chairman, in the aftermath of the strike that you had in last year's annual meeting, we were surprised that you didn't commission an independent review of the remuneration plan during the year. Perhaps you could comment on that. I've got a couple of other comments on the remuneration report. We did note the improved transparency of the short-term financial hurdles in particular, but we repeat our recommendation that there should be a statutory profit-based gateway to financial rewards under the short-term incentive because of the use of non-finance, non-reported profit information to determine those awards, that being adjusted for commodity and currency fluctuations. We wanted to see a reconciliation of that to the profit that was used for incentive purposes back to statutory profit. We've previously suggested that there should be a second hurdle in the LTI based on absolute results, i.e., earning per share or return on capital or something of that nature. We don't really like those non-executive travel allowances either. On balance, we think that the remuneration structure is appropriate, and also it fairly remunerates the executives for the work in the year. So we're not opposing the report. Yeah. No, thank you. We are just making those comments, if I may. Yeah, no. Thank you, and appreciate that. We have engaged around this topic. I would have to say, Wayne and Karen, the previous Chair before I took over, engaged extensively with shareholders before the vote and after the vote. Wayne, I have lost count of how many meetings we have done with shareholders over the last couple of months leading into this meeting as well. It is a difficult balance, John, is the really honest answer here. Every shareholder, house, and proxy advisor, as well as yourselves, have a different view, subtly, on what should be in some of these measures. As you say, if I step back from the detail initially, are the leadership team and the CEO fairly remunerated? I would say yes. We are not really out of kilter, and that is balancing everything across the fixed and the variable components. We recognize your views on the STI and the LTI. The Remuneration Committee and the whole board, we really do work through this in a lot of detail in coming up with what we end up with. We have worked hard to pick up on some of those things you noted, the increased disclosure and transparency around the STI targets, the sort of entry point, the target, and the stretch, where we have landed and why we have landed. There is already a hell of a lot of pages in the annual report around a whole lot of reconciliations. Some of those are difficult to explain, I suppose, is the best way to put it. We try to take out things that are outside of management's control as we look at those key numbers and metrics so that they either do not benefit or are not penalized by windfall gains out of their control. We normalize for things like commodity prices, exchange rates, et cetera. On balance, the board was happy where we landed, I would have to say, but recognizing there are some differences of opinion. We will be going through a major review of the remuneration structure over the next six to nine months because we recognize that what we have had in the past, even though it has perhaps served us well, we will need to think differently a little bit. We will be out and about talking to major shareholders to get their input and proxy advisors to get their input into that process. We have a busy six to nine months ahead of us with a lot more meetings, I have to say. I do like simplicity. One of the things that we will be trying to do as we do that remuneration review will be to keep things as simple as possible. It is not possible to keep every single advisor and shareholder happy in this space, but we will do our best to strike the right balance. At the end of the day, obviously, you can hold the board accountable for these things landing in a reasonable space. I think so far, the board has done a pretty good job on that front. We agree. Thank you. Cheers. No more questions in the room. Mark, anything online? Chair, we have a question from Mr. Stephen Mayne. Yep. Which of the proxy advisors recommended a vote against the remuneration report causing the 18% protest vote? What concerns did they raise in their reports, which went to their institutional clients? Please don't say the recommendations are confidential. I'm not asking you to publish their full reports on your website. No. Dozens of other Chairs have been happy to name names and recommendations in these circumstances, along with a summary of the issues. It allows for a more fully informed public debate and understanding of what has happened and why. We received support from all proxy advisors except for one. I actually don't intend to name them, but you may or may not be able to work out who they are depending on your role in the market. To be honest, there wasn't a whole heap of new issues. We'd worked hard to increase our transparency and disclosure around particularly the STI and LTI and metrics. They perhaps didn't think we had gone quite far enough. That was probably one of the major areas of difference. They have a particular view also on the LTI structure and not having some of the strategic type initiatives that we have in as part of the measure. We engaged with them. We actually thought the meeting went quite well, if I can be very transparent, but they decided to maintain their view on the remuneration report. We were a little bit disappointed with that, to be honest, because we thought we had really worked hard and improved our transparency. It is clearly up to them how they recommend. We were really pleased overall that I think we ended up at something like an 82%, 83% approval for the rem report. We're pleased where we landed. Thank you. Any other questions? There are no further questions on this item. Thank you. If you've not already done so, please record your vote on Resolution 4. Resolution 5 seeks shareholder approval for the purpose of ASX Listing Rule 10.14 and for all other purposes to grant equity awards to our Chief Executive Officer, Matt Daley, under South32 short-term and long-term incentive plans. The proposed awards comprise the deferred equity component of Matt's FY26 short-term incentive award and his FY27 long-term incentive award. Subject to shareholders' approval, the awards will be granted as rights under the South32 Limited Equity Incentive Plan. Further information about the number and terms of the rights and the applicable performance and service conditions is set out in the AGM explanatory memorandum accompanying the notice of meeting. The board, with Matt abstaining, recommends that shareholders vote in favor of Resolution 5. The voting restrictions applying to this resolution are also set out in the notice of meeting. Are there any questions or comments on this resolution? Nothing in the room. Mark? There are no questions. Thank you. If you have not already done so, please record your vote on Resolution Five. Thank you. Resolution Six seeks shareholder approval to renew the proportional takeover provisions contained in Rule Six of the company's constitution for a period of 3 years from the date of this meeting. The provision requires shareholders to vote on whether a proportional takeover bid should proceed before transfers under the bid may be registered. Shareholders last approved these provisions at the 2023 annual general meeting. Unless renewed, they will expire on October 26, 2026. The board considers that the potential advantages of the provision for shareholders outweigh the potential disadvantages and recommends that shareholders vote in favor of Resolution Six. This is a special resolution, so requires approval by at least 75% of the votes validly cast by shareholders entitled to vote on the resolution, and you can see the numbers on the screen that we have received to date. Are there any questions or comments on this resolution? Nothing in the room. Mark? There are no questions on this item. Many thanks. If you have not already done so, please record your vote on Resolution Six. Thank you. Resolution Seven seeks shareholder approval of the proposed disposal of the sale of the business to Alcoa and its applicable related bodies corporate on the terms and conditions described in the transaction explanatory memorandum. You will have seen some of those as you arrived today. They are scintillating reading. The proposed disposal comprises South32's interest in Worsley Alumina, Hillside Aluminium, the MRN Bauxite Mine, the Alumar Alumina Refinery, and the Alumar Aluminium Smelter. Thank you. It is a mouthful. Mozal Aluminium is excluded from the sale business. The independent expert report, which was included in the material provided to shareholders, concludes the proposed disposal is fair and reasonable and therefore in the best interest of shareholders in the absence of a superior proposal. The board unanimously recommends that shareholders vote in favor of Resolution 7 in the absence of a superior proposal and subject to the independent expert maintaining its conclusion that the proposed disposal is in the best interests of shareholders. Each Director intends to vote in favor of Resolution 7 in respect of any South32 shares they hold or control, subject to those same qualifications. As Chair, in favor of Resolution 7, subject to those same qualifications. Are there any questions or comments on this resolution? We have one in the room. Or maybe a couple in the room. John, would you like to go first, and then we will come to Cameron? Thank you, Chair. I have two questions, actually. The first one is a mixture of looking at the financial consequences of the merger. You have not told us what the profit on the sale is likely to be, and I understand the reasons for that, and that there is the part of the consideration that is Alcoa shares, so we do not know what the value of that is going to be until we know when settlement is. We understand that the profits from the aluminium chain businesses will continue to build into the company's finances until the point of sale, and so that is another unknown about how much profit will be determined. I would think that it would be helpful to shareholders to know, in rough terms, given today's prices and Yeah today's profits, and you are about to release a quarterly report, I guess, what the level of gain is likely to be. Because after the disposal, I am assuming it does go through, after the disposal, you will be reliant on the income from Cannington Yeah from Sierra Gorda, and the manganese operations, which is pretty small, the manganese that is, the income. There will be quite a long gap before Hermosa and any increase in profitability from Sierra Gorda comes through. It looks to me as if there will be a drop in the level of profits available to pay dividends, could lead to a drop in dividends. I think I would like to know a bit more about where you see it Sure ending up after it all happens. Yep. No, great question, and lots of moving parts in that question. It is difficult to tell you what the profit on disposal will be, is the really simple answer. Even under the accounting rules, you have 12 full months to work out how you're allocating the values, et cetera, into the business that will help finally determine the profit, the accounting profit, that you measure. Remembering you are measuring, if this transaction proceeds, the cashflow, let's say from April or May next year, versus historical carrying values. I don't mean to say the accounting result is not important, but what's really important is the cashflow that comes into the company. Because it's that multibillion-dollar cashflow that compensates us for the loss of the earnings of the aluminium business going forward and allows us to have the confidence to allocate the capital into our growth projects as we go forward. From a board perspective, we're really focused on the strength of the balance sheet as we exit this business, the proceeds that come in, and the capital commitments that we make and have made going forward, particularly in respect of Hermosa and Sierra Gorda fourth line. We are more focused on the cashflows than we are on an historical measure of profits. Not to say it's not important. It'll be interesting to know the number. I'll be keen to know it. I don't know what the number is, John, so I honestly cannot tell you at this point in time. Just to be clear, if the transaction proceeds, there is what we call a lock box mechanism. The earnings from, Sandy, help me, which date? 1st of April. 1st of April, thank you, from last year will actually go to the acquirer, being Alcoa. Regardless of that, we have said we will continue to pay a 40% dividend based on this year's numbers of underlying earnings. So we are holding the current dividend policy for this year. We also have the buyback program that is still running. So we are still, over the next 12-plus months, planning to return considerable cash to shareholders. We have announced that, and we're committed to that. Going forward, beyond that, as you say, we do have a more limited portfolio of assets generating cash flow for that interim period until Sierra Gorda fourth line comes online, until Taylor project does at Hermosa. So we need to be very careful how we allocate that cash between now and, let's say, FY29 to FY30. We have not said to the market exactly how we will deal with that cash at this point, but we will be, what I would call, appropriately conservative in managing the balance sheet. We have a rare opportunity here to deliver high growth projects and exit that period with a very strong balance sheet, and the board is really committed to doing that. We have announced to the market that we will have a different capital allocation model for this interim period, where dividends will now have to compete with other forms of capital allocation. That's simply sensible in the current environment for all the points you actually made and for what I've just said about a smaller portfolio with reduced income till those new assets come online. We're very conscious of that as we take the company forward and the balance sheet forward, and we will manage the balance sheet and the capital allocation along those lines. We will also come out at completion with a little more detail as to how we intend to manage that coming forward, once we know the circumstances at the time. Hope that's covered a fair portion of your questions. It really doesn't answer the question. Well, I don't know the answer to that question. No, I know. To be honest, the accounting result is not as relevant as the cash flow. It'll be interesting to know, but I don't know the number at this point. I think the market tends to take more notice of profits than- In this case, I think not, because it's a non-cash item. What the market will be focusing on is the cash flow and the cash we're allocating to the capital programs that we have in front of us. Hope so. Yeah. Thank you. Can I ask my second question? Yeah, please. Fire away. The second question relates to progress with satisfying the various conditions precedent. Yeah. One that obviously to be dealt with this room in few minutes. Yeah. Many jurisdictions involved in approving the merger one way or the other, or the demerger, whatever. Yeah. Can you give us an indication of anywhere you're having any difficulty getting the approvals through? Or is it likely to be just a question of process with them all? I should probably mention that the ASA, because of the restrictions on providing financial advice, we're not going to vote our proxies that are undirected proxies. Yeah. No, I understand. We're letting them flow through to the Chair. Yeah. No, thank you. But is there any progress with those- Yeah conditions precedent? I can assure you, our teams and the Alcoa teams are working very hard to progress all of those sort of approvals and things that need to be completed before the transaction can complete. They are slightly different across some of the major jurisdictions. Some of those being South Africa, Australia, the EU, et cetera, Brazil. And we're working with each of those authorities to progress those approvals. So far, we're relatively early in the process, but things are going as planned and in the timeframe that we anticipated. But I would never like to preempt the outcome of those things. They are somewhat complex, depending on the jurisdiction. But we will continue to work hard. We have positive advice that we should be able to get through the process sensibly and in the right timeframe. And we're working those things through. So far, things are progressing to plan. Thank you, Chair. Cheers. I think we may have another question here. Cameron? Thank you, Chair. Cameron McMillan again. Look, thank you, Chair, and to the CEO for your earlier comments on the importance of improving safety in our business, or in our company. What is the impact of the sale of the aluminium business on our key safety indicators, total recordable injury frequency, and high-potential injury and illness frequency? Was safety performance a consideration in the sale decision? No, not in terms of exiting those assets. Not at all. The numbers, taking those things out, will be what the numbers are. What, to me, remains absolutely important is that we are committed to the safety journey and committed to sending everyone home safely every day. That will not change, no matter how many assets come into the group or how many assets leave the group. That is a commitment that is absolutely wedded to, together with the leadership team and the operational teams. That, to me, is the important thing. That will not change. Thanks. Thank you. If there are no more questions in the room, Mark? There are no further questions on this item. Thank you. It is a really important resolution, this one, so if you have not already done so, please record your vote on resolution 7. As I mentioned earlier, the threshold for a second strike has not been met. Accordingly, resolution 8 will not be put to the meeting. We have now considered all of the items of business that we are required to be put to the meeting. Before we close the meeting, are there any other questions or comments from shareholders relating to the business of the meeting? I will first just turn to the room. Nothing, Mark? Anything online? Yes, Chair. The first question is from Mr. Stephen Mayne. South32 is very close to running a best practice hybrid AGM." "You disclosed proxies early to the ASX. You haven't ditched online voting as the likes of" Sorry, bear with me. "As the likes of ASX Group and Telstra have now done. You're following the agenda, something the likes of Rio Tinto, Transurban, and Macquarie can't do." "All you need to do for best practice is disclose the headcount data and the poll results, something that many companies now do, including Qantas, ASX, Stockland, Tabcorp, Myer, Suncorp, and ARB. The previous chair kept saying no. Is the new man prepared to blaze the trail on this final step, needed to be among only six other public companies at overall AGM best practice from a transparency, communications, and process point of view?" Yeah. Companies are on both sides of a line, depending on what you're looking at. Listen, the important principle for us is that it's one vote per share held, and we intend to stick with that principle. Listen, we do keep an eye on what's happening around the market, and we take onboard feedback. For example, I know you were very strong on the pre-meeting disclosure of the resolution outcomes, and we have listened to that and amended our practice. We will continue to listen, to observe, and see what does happen around the market. At the moment, we don't have the intention to change. We recognize that question probably comes a little bit from a retail perspective in terms of sometimes those numbers get a little bit lost in the big institutional numbers and shareholdings. We understand that, but really around the one vote principle and the poll methodology that we have within an AGM, at this stage, we don't intend to change. We'll have to still get 99% on the scorecard for now. Any more questions, Mark? We have a further question from Mr. Main. Yep. It's unusual for a public company to change both its long-serving Chair and CEO in the same year. It's refreshing to see and hear with South32 now fully separated from any legacy BHP personnel. Could the new leadership team each comment on how they are managing their relationship? How often do they catch up in person and on the phone, both formally and informally? Does the Chair regard himself as being relatively hands-on? What are the major changes he has made so far on issues like board process, committee functions, and delegated powers with management? No, thank you. A lot in that question. I think I'll probably handle that one on behalf of the board. Listen, the transition, I think, was handled really well, and remembering that South32 started from a very unusual point in that it had an initial board all appointed 10 years ago. Karen Wood, to her credit, and I can't take a lot of the credit for this because I think a lot of it has been her planning, has progressively transitioned the board in advance of everyone falling due for renewal at the 10-year mark, and I think that's been really well handled, so that we've had progressive renewal and also progressive renewal across some of the committee chair roles, et cetera. From my perspective, I had the pleasure of working with Karen for an official 13 months, probably a couple extra unofficially, in terms of the Chair handover role and the process leading up to her departure at the end of February, I think it was, early March this year. It was a pleasure to work with her, and obviously, we had many opportunities to catch up as part of that handover process. I also then had 18 months to be able to work with Graham, in terms of my time on the board and a number of months officially in the Chair role, but knowing that that transition was going to happen for more months in advance of that. I also had the pleasure of working with Matt as Deputy CEO for the five months since he joined before he officially took the Chair as the CEO. It's not often in a company's life with the transition of those key roles that you get such a well-planned and executed handover period. Most companies announce replacements a couple of months after the last person has gone. To be able to do that in the way that we've done it, I think speaks volumes for the strategic leadership that Karen Wood had with the board and the role that the rest of the board played as part of that process. As I say, I was really pleased personally. I think it's been done well. It's been done without any noise. I'd like to think quite successfully, but the proof will be in the pudding as we continue to deliver in the years ahead. Thank you. Chair, there are no further questions. Thank you very much. If you've not already done so, please complete your voting card on any of the resolutions. If you can hand that to the crew that will be wandering around with boxes, or you can submit your votes online. If I can just put mine in. You can do the rest for me. Thank you. I'll just pause briefly as people do that or finalize their vote. Thank you. With the collection of those votes, the voting will now close. The results of the poll will be released to the relevant stock exchanges and published on the company's website following the meeting. That brings us to the end of the annual general meeting. On behalf of the board and everyone at South32, I thank shareholders and guests for joining us today and for your continued support. I invite those shareholders and guests who are here in person to join us for some refreshments out in the foyer. Subject to the counting and verification of the poll results, I now declare the meeting closed. Good afternoon, everyone. Thank you for joining us.