Morning everybody, and welcome to Sunrise Energy Metals' webinar on the CISCEN Scandium Project mineral resource update. With me today, we've got Robert Friedland, Co-Chair; Sam Riggall, CEO; and Timothy Langan, who's Director of Scandium. To launch a question, please just type into the Q&A facility at the bottom of the screen, and then we'll ask that to Robert, Sam, and Tim at the end of the webinar. With that, Robert, I'll turn over to you for a few opening remarks.
To everyone interested in scandium metals and critical raw materials, I'm extending my welcome from Carpenter, California, on the ocean. Very important surfing break near here for all you Aussies. This is a story about one of the most critical of all critical raw materials. This project is some 15 years in development. The first cab off the rank is the development of the world's highest grade and largest deposit of an absolutely critical raw material whose price can only go up in the current geopolitical environment. We have an A team here explaining the importance of scandium to the world market, and we also have an enormous resource of cobalt and nickel in the same fully permitted project in New South Wales, Australia. As someone who's spending a lot of time in the U.S.
government talking about critical raw materials, and we've been obsessing about these metals for a long time, scandium sits at the peak of the critical raw materials required for national security, wireless transmission of electromagnetic energy to direct drones and other military equipment, light weighting of metals for the greening of the world economy, and a host of other uses. CISCEN is the world's largest, highest grade resource, ready for immediate development. Feasibility studies coming soon, and I'm going to turn you over now to Sam Riggall, our CEO. Sam and I have worked together for a long, long time. We worked together at Oyu Tolgoi in Mongolia on what is now going to be the world's fourth largest copper and gold resource. If there was ever a project that everybody should buy and hold right now for their favorite nephew or their kids, it's this one.
With that, I'll turn you over to Uncle Sam. Sam, go ahead.
Thanks, Robert. Look, I intend to just go through a couple of slides today to update you on the announcement we made yesterday on the mineral resource estimate and the update. There are a lot of slides in this pack, which were presented as part of a technical presentation about two or three weeks ago that was recorded. For those of you who are interested in the details of those slides, feel free to go back to our website where you can find a recording of that presentation. The focus this morning will be on the mineral resource estimate and what we are currently seeing in the scandium market and the trade issues that are currently emerging. The release yesterday for the updated mineral resource estimate was a positive release. In measured and indicated category, we've managed to double the amount of contained metal that sits in the CISCEN deposit.
There's tens of thousands of tons now of material in the mineral resource, which is enough to supply the world for many decades of supply. Most importantly, though, as part of this update, we've managed to expand the high-grade resource, which will form the basis of the ore reserve and the mine plan by about 160%. We have now a basis for what we believe will be extremely low-cost production over the first few decades of production at this operation. This is a wonderful resource in that the mineralization extends only to about 35 meters depth from surface. It's a relatively simple low strip mine that we will develop in multiple small pits across a band of high-grade mineralization on the western boundary of the deposit.
As Robert said, we will convert this mineral resource estimate to the ore reserves and the mine plan as part of the feasibility study to be released at the end of this month. Next slide, please, Craig. Just on plan view, you can see the outline of our mining lease and where the deposit sits. As I said, on the western boundary where you see those green zones of measured resource, that will be the starting area for high-grade production. This is an extremely high-grade by scandium standards resource, and it's produced as a result of a lot of weathering effects that have occurred across this laterite, where over millions of years, elemental scandium has been picked up and deposited to certain areas, which has led to chemical enrichment at the boundary.
We are fortunate that this deposit really is a scandium trap for what is a much larger district that contains scandium in central New South Wales. Craig, the next one. It's worth just pointing out quickly that this hasn't come overnight. There's been at least a decade of work on permitting this project. There's a granted mining lease. We're very close to road and rail infrastructure to get product in and out. The development consent, which in New South Wales is your right to build and operate, has been approved, and the environmental impact statement is also completed and approved. Most importantly, this project benefits from secured water rights. As those of you who follow the scandium market may know, there are a number of development projects looking to develop mine developments around scandium in this area. This is the only project that has secure water rights.
If you don't have water rights, your only option is to mine and transport your ore significant distances to be processed off-site and then deal with the problem of how you get the waste back to your mining site for responsible disposal. We begin with a very large head start on the operating costs of this project, and those water rights are critical. We're working very closely with the local power authorities on getting an electrical connection, but the intention at the moment is to build this development with a combination of solar renewable, battery, and diesel gen sets to get it running. We own most of the freehold land around the area. Next slide, Craig. Just a couple down. I think there's a couple more I want to do. There's a graph on grade. This one. I just want to emphasize why a scandium mine development is critically important.
There is no scandium or primary scandium mine operating anywhere in the world today. About 80% to 90% of world supply comes from waste treatment. You can see the sources there on the left of this graph. These are typically very low concentration scandium sources of supply. The benefit of finding a unique high-grade geological source at shallow depth in the ground can be illustrated at where our grade sits relative to these sources. What we want to do with CISCEN is completely transform the cost structure of this business. We will begin with a relatively small mining operation, which will not be optimized for low unit cost.
As we demonstrate that there is reliable diversified supply from a safe jurisdiction, that there is the ability to scale, and that it can be done sustainably and responsibly, we believe that the potential for growing demand in this market is very substantial. This mining project will benefit from substantial economies of scale as we grow it. Maybe the slide on what's upcoming. We've got the feasibility study at the end of this month. We've been making good progress on offtake discussions with customers. I'll touch a little bit on the market challenges at the moment for scandium in the next slide, but it is an extremely tight market, and customers now are turning their mind to how they secure long-term supply. We're seeing governments around the world, not just the U.S.
government, but others as well, looking at how they secure raw materials through quite unique and new approaches to promoting new development opportunities. That ranges from project financing structures to floor pricing for critical materials to direct grants and equity investments in mining projects. The landscape is changing very, very quickly, and we're working hand in hand with multiple governments around the world to look at how CISCEN can benefit from some of these. As Robert said, we've got Tim on the line as well, who manages most of our scandium alloy development programs. We have, for over the past decade, been one of the consistent investors in this space. We work in aerospace. We work in automotive. We work in the battery industry. We work with semiconductor materials.
We have, as I say, probably a decade of not only experience in working with customers, but our own IP portfolio now that's been built around some of the developments that we've managed to bring forward with customers. We look forward over time as we can convince customers that there is a reliable source of supply to start applying some of those patents and IP to some of these industrial markets. Let me briefly touch now on the market because I think certainly from where we sit, this is the challenge that not just mine developers face, but the world faces. Let me begin with looking at what has happened. The periodic table contains almost 100 metals, depending on how you classify some of the more exotic ones, but let's say 100 metals. Of those 100 metals, about 17 of them are rare earth elements.
Of that 17, the rare earths make up 15 lanthanides and two other metals, transition metals, being scandium and yttrium. In April 2025, China imposed export restrictions on seven of those rare earth elements. China has identified seven of what it considers to be the most important industrial technology metals that relate to its economy and its national success. Seven out of the 17 rare earths included some very exotic ones like lithium, dysprosium, terbium, gadolinium, but also scandium and yttrium, the two transition metals. People often ask, how do you come to the decision about which metals are most important? There's a common characteristic across these metals. They're called, or now classified as, dual-use items because they have both civilian and military application. The common applications across these metals can be summarized as follows. Some of them go into magnetic rare earths.
High performance, strong magnets are a key technology driver in a range of industries. Some of them go into the semiconductor and chip market. Some of them go into advanced alloys, particularly those that have application either in military sectors, aerospace, satellites, or in nuclear. Those tend to be the three buckets where you can see commonality between these seven declared rare earth elements that are now subject to heightened export control. For scandium, while magnetic is not one of those characteristics, it is vitally critical in semiconductors, and it is vitally critical in advanced alloys. There has been reporting about the effect of these export restrictions in the press, but you don't understand the true impact of these restrictions until you actually read the regulations. I'd like to just highlight a couple of points that aren't often reported in these export restrictions. This isn't just a U.S.-China issue.
I understand that these export restrictions have global impact. They impact Europe. They impact other parts of Asia. They will apply to every export of scandium that will leave China going forward. Any party that is required or is seeking to export scandium from China now needs to have a license to do so. As part of that license, they have to provide to Chinese customs agencies a number of things, including the copies of all contracts that relate to supply. Not just sales contracts, but any contracts relating to metal specification and product use. It'll have to also provide details of technical descriptions of the products into which the scandium is being embedded or used. It will also have to specify the final end user of all of these scandium products and the specific end use that will be made of these products.
That's a very hard burden to ask of any customer because those are the questions that will be asked by companies that will be looking to ship export out of China. These are the questions that will have to be provided in a written submission back to exporters in China. Importantly, in the regulations, it's not the customs authorities that provide the final approval for export licensing for dual-use items that have a national security implication. Ultimately, that approval will be given by the Central Military Commission of the Chinese government. Even if a customer in the United States or Europe or Asia is prepared to provide the information required by these regulations, they have to understand that by providing that information, it creates a binding contractual commitment with the Chinese customs authorities that has a number of implications for that customer.
In particular, that is a binding contractual and legal commitment made with China's State Council. Failure to live up to these contractual commitments that are a part of this supply arrangement have a number of consequences. The first is that any breach of those commitments will put a customer directly onto a prescribed entity list. A prescribed entity list can impact a company in multiple ways, but the most damaging can be through the imposition of secondary trade sanctions by the Chinese customs authorities affecting its business globally. It's worth noting that these customs regulations have extraterritorial reach. Any customer that uses scandium that derives from China is not only subject to their activities on the Chinese mainland, but also to any activities that they undertake anywhere in the world with products that contain those scandium products.
It's also worth pointing out that any customer that receives scandium from China can no longer use that scandium for any purpose other than that specified in the export regulations, nor can they transfer it to any third party for use in any other applications. I wanted to go through that. It's a bit laborious, but I want you to understand what the specific challenge is for industrial customers today having to source these seven highly critical raw materials that China has deemed absolutely fundamental to its national security interests. I want you also just to think about what we have gone through in recent weeks as China and the United States have sought to negotiate something of a detente around critical minerals, which has ultimately led to some sort of agreement where critical mineral supply will be opened up again in exchange for access to critical U.S.
technologies like semiconductors. On the one hand, you have on the trade barriers a bucket of rocks and critical materials, and on the other side, potentially some of the most sophisticated technologies humanity has ever created. They have equal value in the eyes of the two counterparties that are trading them. I want you to leave today with the clear understanding that a project that sits here in Australia that is a resource of high-grade scandium that can last the world for decades has extremely important strategic value for the way these trade negotiations are evolving as we speak. I don't want to go through the rest of the slides. As I say, you can look at those, but I want to stop there and maybe open it up for Q&A.
Robert, Tim, and I are happy to answer any questions you have around markets, around other materials, and CISCEN in particular. I'll open it back to you, Craig.
Thanks, Sam. Thanks, Robert. Just a reminder, use the Q&A facility at the bottom of the screen. Type in your question, and I will read that out to Sam, Robert, and Tim. First one, do you see the MP Materials deal as a blueprint for financing deal you're trying to achieve?
Robert, do you want to go on that one first?
It's very clear that this deposit of scandium is better than any gold mine. We used to put gold in our teeth. We don't do that anymore. There's no new disruptive technological use for gold, and the gold is doing very well. It's trading at a nominal all-time high. When I go to the U.S. government and I'm an American citizen, nobody's worried about a supply of gold. In the Central Reserve Bank vaults, if Portugal goes bankrupt, they can puke out 300 or 400 tons of gold. There's no scandium. Vladimir Putin's best fighter jet is made out of scandium aluminum alloy. Scandium is of nearly infinite value. If you want to take out your slide rule and calculate how much this deposit is worth compared to a gold mine, you won't find a gold mine this economically attractive.
This is a horrendously important critical material, both for non-military and military applications. The MP Materials deal involved the U.S. government taking equity and agreeing to buy certain rare earths at a higher price than spot, roughly double the price, in exchange for sharing 20% of the bonanza prices that we see coming. When that happened, MP Materials had a very small market cap to an $11 billion market cap. That's sort of what we're here. We're looking at getting the contents of the Hoover Dam through a garden hose here. We're getting the contents of the Hoover Dam through a garden hose. This is much better than any gold mine. It's near surface. It's the highest grade deposit in the world. It's fully permitted. It's gone through a decade of permitting. It has power. It has access. It has water.
The defense industry and the non-defense industry are screaming for this product. I think you're going to see more of Western governments using their balance sheet to fund these critical raw materials. Yes, I do think the U.S. government looks at Australia as one of its closest allies. In fact, I also have a Canadian passport, but I think Uncle Sam considers Australia a closer friend than Canada. That's saying something. I wouldn't be surprised to see the U.S. government support this project. I said I wouldn't be surprised. Watch this space. The next step is to publish a feasibility study. If there ever was a mineral deposit to stimulate your hand-to-wallet reflex on that little island you call Australia, this is it. This is really it. That's why I'm on this call. Thank you.
I would add to that. The interesting thing about the MP Materials deal, to me, wasn't so much the government investment, although it sends a very clear message about how the government is determining its priorities. The fact that the government is prepared to put a price floor under some of these materials now, in combination with supporting project financing and debt, means price floors are a logical response to one of the key challenges we face in all of these critical materials markets, which is that you need to level the playing field to promote new development options in the market. That's what we're seeing. I wouldn't be surprised if you start to see similar approaches taken, whether it's through stockpiling, through contracted floor pricing, or whether it's direct underwriting of commercial contracts with civilian customers. You'll start to see more of that underwritten pricing for these materials.
Yeah, I want to add this is the first American administration I've ever experienced that seems to understand there is such a thing as a supply chain. Without active government support, we're going to be caught short of everything. I think we see an incredible change in the support of the Trump administration towards the mining industry dealing with critical raw materials. I've been in this game for, what, 45 years? We've worked in 65 countries, and there's never been anything like the current moment. This is very good for Australia. This is very good for the mining industry. This is a very, very, very important deposit because you cross it off the list, you only have 29 other critical raw materials to solve. This is the solution for scandium for the whole world. There are plenty of other ones, but this one is very, extremely important.
Timothy is an expert. He's here on this call about the myriad of uses of scandium. You can 3D print aluminum. You can turn it into a super alloy. You can make aircraft. You can make batteries. You can make incredible bicycles, washing machines, microwave ovens. If we made the Golden Gate Bridge out of scandium aluminum alloy, it would look like a spider web. It would be there for 10 million years. It won't oxidize. It'd be very ductile. It would look like something from the future. It would look like magic. This is a critical raw material you'll be holding in your hand. In the past, some of the best golf clubs in the world were made with scandium aluminum alloy. When you start seeing this used in luggage or your sunglasses, it's going to freak you out what an amazing metal scandium aluminum alloy really is.
You know it's a chicken or the egg problem. Somebody had to find a tier one world-class deposit. Now that the supply is available, the market will grow. That happened with nickel. Inco did that with the nickel market. It happened with CBMM and niobium. The market just grew and grew and grew. We're quite certain the use of this metal is just going to explode. Sam, weren't you just talking today to a U.S. defense contractor? Go ahead. Tell them about it. Don't be shy.
Yeah, one of the big applications we see emerging in the defense sector is additive layer manufacturing or 3D printing. The only way to effectively print aluminum is to alloy it with scandium. We're seeing the uptake of high-performance aluminum scandium powders in printing technology growing rapidly. These aren't for small components. These are for large structures. A bit of a segue on what Robert was just saying and Tim's experience. Tim was one of the innovators and developers of most of the early aluminum scandium alloys that were developed. Coincidentally, a lot of this work was done in Ukraine. Tim spent many years there doing this work because Ukraine in those days was possibly the only source of scandium for the world. Maybe Tim could give us your thoughts on how you see the tech and industrial landscape evolving for some of these alloys.
Yeah, I think as Sam and Robert have said, scandium is well known as the best application or the most potent element that can be added to aluminum. There's nothing better. You know, I've spent the last 10 years with Sunrise meeting with every aluminum company in the world. Every one of them has a whole patent portfolio on scandium-containing alloys. It's ripe. It's ready to be used. I think the thing is you just need the supply, the steady supply that people can rely on. As Sam said, in the additive manufacturing space, there is nothing better than scandium aluminum alloys. People have spent the last 5 to 10 years trying to come up with an alternative, and they really haven't come up with it. It is the only thing out there to do aluminum 3D printing.
By the way, guys, you know we have a small mining bank in Canada. It's called the Bank of Montreal. They just put out a short-term $7.50 target on that stock, on this stock. It's like almost four times where it's trading now. It's still way too low. Baby steps for baby feet. This is the best story in the Australian equity markets. When you see this feasibility study come out in the near term, this is real. This is going to go into production. It's going to be the dominant producer of a critical commodity. You might want to sell a few of your gold shares and buy your favorite nephew a little bit about this critical raw material and get to know the name of this metal, scandium. Do your reading. Get on the internet. Just type scandium aluminum alloy. Go to ChatGPT-4 and do your reading.
Like, really, do the work. Find out what this is like because the demand for this material is crazy. When you hear about critical raw materials, this one is right near the top. Before we forget, we better talk about why you need scandium for 6G wireless. Somebody's got to pipe up and explain it to these guys. Sam's going to do it or is Timothy going to do it?
Yeah.
One of you go.
I'm happy to have a go, and Tim can correct me later. Look, the transition the world has made through mobile communications from what we remember as the old 3G systems to what we commonly see now on our phone screens as our 5G reception was all made possible by scandium. I think Apple was the first to start introducing radio frequency filtering in chips into their phone hardware back in 2019. Since that time, we've progressively seen more and more radio frequency filtering technology using aluminium scandium nitride thin films in their semiconductors to enable 5G communications. What this material does is it allows these chips to filter out all the extraneous electromagnetic noise and only focus on those parts of the electromagnetic spectrum that carry the data or the signal that is required for your device.
While it's fairly simple, as you see governments carve up electromagnetic spectrum in smaller pieces, the technology required to achieve effective communications is becoming much harder. It's interesting to note that almost all of the cost increase in mobile communications hardware over the last 10 years hasn't come from more powerful compute chips that have gone into our phones or into our Wi-Fi systems or our laptops. Most of the cost increase has come from what they call the radio front-end systems that go into these devices. That's just simply because of the complexity of managing communication systems in these chips. Aluminium scandium nitride is here to stay. There is no alternative for them. There is no other material that performs the function that scandium does in these chips. Without scandium, as we were told by one chip manufacturer, we're back to 3G.
The important thing is that there's still a lot of upside in these materials. We expect aluminium scandium nitride to be the material of choice as we migrate systems from 5G to 6G. In fact, you're starting to see China probably making that move now. They're the world leader in that transition from 5G to 6G communications filtering technologies. The key here is that while most of the industrial sort of markets for scandium use scandium in the form of a scandium oxide, a chemical-grade scandium, it's a bit like a white fine-grain powder, the semiconductor industry needs their scandium as metal. You need pure scandium metal to be able to produce the sputtering targets that are used to make the thin films.
Part of the work that we are doing on this CISCEN Scandium Project at the moment is helping to build that U.S.-based supply chain for the metalization of scandium products that will go into the semiconductor industry. Is there anything else, Tim, that you want to sort of add to that?
Yeah, I think the one thing to add is, you know, right now there is scandium at low levels in all Apple phones. As we go to higher broadband 5G and 6G, the level of scandium required goes up dramatically. It's out there now. We're working, as Sam said, with ways to metalize the scandium, and that would be based in the U.S. The scandium levels will be much higher going forward in the targets that are used to form these films. It's only going up in its usage.
Right. That answer covered off a fair few other questions. A couple have come in around the feasibility study. Maybe for you there, Sam, can you give a bit of timing on when the feasibility study is likely to be completed? Are there any material differences in terms of the scope that you're looking at versus the 2016 study?
We're still targeting the end of September for delivery. Work is progressing well. The capital estimate has been locked in. We've got a reasonable handle now on operating costs. There's still a bit of work to do on the mine plan, which will obviously feed into the operating cost model. The bump, obviously, in the mineral resource estimate we announced yesterday augurs very well for the ultimate ore reserve and mine plan that will come out of that. In terms of the scope compared to 2016, it will be very similar. Those of you who look at what we sought to build or design and build back in 2016, we've got tons of operating capacity, which seems large compared to a world today that consumes about 60.
We're pretty confident looking at the market today and speaking to customers that by the end of this decade, we are looking probably at about closer to 90 tons of global demand. Probably within a decade, we could be up to a couple or more hundreds of tons of demand. That's just based on assuming historic growth projections just mirror what's happened in the past. It's not looking at any upside cases or new adoption in other materials. It's a market that has been growing relatively well. It's still very heavily dependent on a couple of sectors like fuel cells. Otherwise, we see a lot of potential for growth in this market. Fifty tons of capacity, we think, is the right starting point. The real value in CISCEN will be as we expand it.
We're pretty confident that we can drop unit operating costs substantially as we expand this mine and process at much larger scale.
Thanks. Next question is, in a best-case scenario, when do you think you'll be able to get first production from the mine?
Depends on financing. That's the sort of critical path item. I can't give a date, but in terms of construction, it's a pretty quick construction. It's 18 months to build, six months of commissioning. Let's say about two years to get up to first commercial production. The final investment decision is dependent on how quickly we can pull the financing together and get onto the ground.
Right. That's definitely right. Sorry, Robert.
That will be quick, and that will be easy. That will be quick, and that will be easy. Just cost peanuts to put this in production, as you'll soon see. It's an extremely lucrative mining operation. It'll be quick, and it will be easy. It's on the surface. You just mine it with scrapers. There's minimal capital. The customers have a freak... They're just freaking out with demand. I mean, we've built mines that have cost $1 billion to build. We built mines that cost $10 billion to build. We built one that's got $19 billion of capital in it. This one is going to be very easy to finance, and it's going to be in production. It's going to be great for Australia. It's sort of the opening note in a symphony because behind the scandium resource sits an enormous nickel sulfate and cobalt sulfate resource.
Maybe we should say a few words about that because there's a lot of interest there as well in a number of governments. Sam?
Yeah, there's about 1 million tons of contained nickel that sits adjacent to this high-grade zone of scandium. I think it's about 160,000 tons of contained cobalt, which makes it, I believe, the largest resource of cobalt outside the Congo in the world. As those of you who followed the company over the years know, we took a development proposal for that whole project through to feasibility study. Unfortunately, what we've seen is an enormous expansion of nickel production capacity out of Indonesia through Chinese development of a number of industrial parks there. There's been construction in five or six HPAL plants. At the moment, the nickel market is oversupplied, and you're seeing that in pricing. People should not discount the value of the resource that sits in this Sunrise deposit because in the end, what you're seeing in Indonesia is completely unsustainable.
That will become evident within the next couple of years. You're already seeing head grades into processing plants for nickel and cobalt dropping precipitously. The environmental issues are just a nightmare. The community impacts are enormous, and you're seeing that now in a lot of opposition to mining there. This will change, and the nickel-cobalt resource that sits at the Sunrise project will eventually have its day for development.
Thanks, Sam. Just conscious of time, maybe one last question here. We've gone through a lot. There's a couple of questions around metalization and refining. Is that something that you'd look at doing in Australia, or is that something that you'd be contemplating doing in the United States?
For scandium specifically?
Specifically for scandium.
Yeah. We've got the option to do both. The metalization of scandium is not a new or novel process. In fact, it was one of the first rare earth elements to be metalized as part of U.S. research and development efforts in their nuclear programs. China today produces 100% of the world's scandium metal. It's a relatively basic reduction, but it's well understood. There's the possibility to build that sort of facility in Australia. The reality is that all of the customers who need scandium are located in the United States. The chips that I referred to earlier, these radio frequency filtering chips that use aluminium scandium nitride, aren't chips that are designed in America and exported to Taiwan for production. They're not made in China.
The United States still owns almost all of the intellectual property and manufacturing capacity for these particular chips, and therefore are an important manufacturing base for the United States semiconductor industry. They're still manufactured, a lot of them, in Central West United States. Logically, it makes a lot of sense to build the metalization capacity in the United States. Whether we do that ourselves or we partner with U.S. companies that have that capability, we're working through those aspects now. There's the capability already in the U.S. to do this. There's certainly already money flowing from the Department of Defense and other government agencies. It's publicly on record that they have put out a number of white papers and submissions for requests for funding for scandium metalization in the U.S. We hope to be part of that solution for them.
Thanks, Sam. Thanks, Robert and Tim. That's all the questions covered off. Sam, Robert, I'll just turn back to you for any closing remarks.
If you want to make America great again, I want to tell you this administration has really got it right. As the first time I recall, support for the supply chain, and it's good for all miners of all commodities. The more critical the material, the more its real-world value. We're seeing silver and gold doing very well, and platinum has been the best performing element in the periodic table this year. This is very good for Australia. Very, very good for Australia. Very important project. I'm proud to be part of it, and I really want to thank the team that put this all together. This is going to happen. This is for real. It took a long time to get here, but good things take time. Thank you, guys. All the best from sunny California, where the surf is just as good as anywhere in Australia.
I think that's all that needs to be said, Craig.
Thank you all. Goodbye.
Thank you.