Good morning or afternoon, as the case might be, and thank you to everybody who's taken the time to join us today. I t's a good time for us, exciting time. It's been a hard month of work, but happy to share this presentation. What we'll do is run through the presentation and then open for questions afterwards, if that's okay. Joining me in presenting today will be Marileen, our Financial Director, Hendrik, who's our Head of Technical Services, and then also Peter Mayne, who runs the Australian business. Welcome again, and let's get into the presentation, which is also available on our website. If we just proceed to the first slide. Thank you. Transaction highlights.
I think before we speak about highlights, I'm gonna ask Peter to come in here and just give us a couple of minutes of background as to the Pan African/TCMG and Emmerson joint venture, how it came into being, and just the history. Peter, over to you.
Thanks. Thanks, Cobus. Good morning and afternoon wherever you are. Evening, where I am. Some of you will already know a bit about the history, but I'll start with the history and then go into the joint venture. I mean, the history of this region is, you know, typically it was held for those who've been around for a while by Normandy Mining. It was consolidated as one really. There was a couple of groups but one major miner and one or two. There was two or three smaller processing plants. It was a hub-and-spoke model then, given the types of ore body. Mining stopped in about 1986. Around that time, the majors all left.
Since then, it's obviously been in the hands of what I would call small-scale or junior miners, you know, obviously gold and there's been a bit of a lull. In about 2019, I've been watching this for a number of years. We saw the opportunity. Gold, obviously, when they left, was about $500 an ounce. 2019 was significantly different. We saw the opportunity that the only way for this field to get up and moving was to consolidate it. I guess in 2019, didn't have a reserve resource base, had to redo everything. Obviously had a lot of history. What we set about doing was, you know, looking at scenarios to acquire the field.
I stress the word, which is really important. We've acquired a field here that we own. That was done in the way we purchased 100% of the 3 biggest producing historical assets, which was Warrego, Juno, and Nobles. Then we entered into a joint venture with Emmerson Resources. I guess that's when things evolved. Touching on the joint venture and a little bit of history about the joint venture. There was two regions, the northern and southern. The earn-in was to earn into 75%, and that was done via a AUD 10.5 million spend over 5 years. We completed that late last year or third quarter, fourth quarter last year.
Obviously, that meant that our went to a 75% ownership with Emmerson 25. But the significance, obviously, of why we wanted to further consolidate, and Cobus and Hendrik and the team will go through it, but was due to the fact that, you know, you had your small mines joint venture, which was a 6% royalty that had to be paid on any assets that went into that joint venture. Clearly, the major mine, which, you know, everyone's been talking about, the White Devil project is the first one to come into that. That's a 40-60%.
It obviously and without stealing Cobus' thunder, it made a lot of sense to, you know, to further undertake a consolidation because of the cost of running that joint venture and all those associated factors. That's a little bit of a a quick history. Cobus, if you like, I'll hand over to you.
Thank you, Peter. T ransaction highlights. Obviously, once the scheme is effective, assuming that it is approved, which we believe it will be, Pan African secures 100% of the joint venture, ensuring full alignment of interests. It just will be a lot easier for us to move. We had a very good relationship with Emmerson in terms of the joint venture, but we believe this certainly will streamline things. Certainly also make it easier to explain. I guess, the joint venture terms are incredibly comprehensive but also quite complicated. It accelerates value creation at Tennant Creek by leveraging our operational expertise and balance sheet in terms of resource delineation and exploration. Certainly enhance project economics by eliminating costs. Importantly, also royalty payments that are due to Emmerson on small mines.
Recouping or eliminating penalty payments to Emmerson. The background there is that as part of the initial joint venture there was an agreement on production between TCMG and Emmerson. To the extent that production fell short there was to be penalty payments based on the gold pricing formula to Emmerson. Again, importantly to emphasize, the penalty payments were factored into Pan African's valuation of TCMG when we acquired control. What we do now is we obviously are eliminating those payments to Emmerson. It expands Pan African's existing resource position and as a dominant landowner in Tennant Creek by some margin. To support production growth to more than 100,000 ounces per annum.
You will recall that as part of our interim results presentation, we outlined our pathway to 100,000 ounces from Tennant Creek in the next three years. The transaction structure, because it's shares, preserves our very strong balance sheet. We are net cash and obviously at this gold price and given the production profile of the group, we are generating a lot of cash. I think it's important to note here that from an Emmerson perspective, a key requirement from their side was that this was to be a share deal. That demonstrates also their confidence in, number one, Pan African and our portfolio, but also in the upside that Pan African can realize in terms of developing the Tennant Creek Goldfield.
That's why most Emerson shareholders would like to obtain exposure to the large group and hence the share structure or the transaction structure, which is all shares. The transaction summary, which I'll go through very briefly, we will acquire 100% of Emmerson's issued and to-be-issued share capital via an Australian court-approved scheme of arrangement or a scheme in short. Shareholders, Emmerson will receive new Pan African shares, which will simultaneously be listed on the Australian Securities Exchange. These are CDIs, and Marileen a little bit later will just talk to the listing process in Australia. Now importantly, the Emmerson Board has unanimously recommended this transaction. We also have support from two large Emmerson shareholders, being Noontide and TA Private Capital.
With a number of other Emmerson shareholders having, we understand, have expressed their support for the transaction, and for the Pan African strategy in terms of developing Tennant Creek. Obviously, the scheme is still conditional on shareholders' vote and the detailed timeline in that respect. We will be very pleased, subject to normal due diligence and all of the JSE, LSE requirements to welcome Mark Connelly to the Pan African Board once the transaction becomes unconditional. We've worked very closely with Mark in terms of concluding this transaction. He's a very well-known and well-respected director in the Australian space. Given Pan African's ambitions to further grow in Australia, we believe he will be a very valuable addition to our Board.
We spoke about the Australian listing, and Marileen will give a bit more color there in terms of our plans and what it means for Pan African. Very briefly, a snapshot of operations. You'll all be aware of, you know, all the assets we own in South Africa and then also in Australia. Currently, about a run rate of about 50,000 ounces out of principally treating the current pillar stockpile and now into the open pits at at Tennant. Obviously, very importantly, the White Devil deposit that we own jointly with Emmerson. That really is key for us in terms of supporting the production and growing our gold production out of Tennant in the next years.
The life of mine currently, when we acquired these assets, the life of mine was circa eight years, with a number of the reserves being quite small bodies. I think the fact that in such a short space of time, the joint Pan African and Emmerson have managed to discover White Devil, which really is a quality, long life, underground high-grade deposit, demonstrates the prospectivity of the field. Hendrik will give a little bit more color as far as that's concerned. I'll ask Peter just to briefly touch on Tennant Creek overview and the prospectivity of the field. Thanks, Peter.
Thanks. Thanks, Cobus. Basically, as Cobus has mentioned, obviously, you know, the Tennant Creek project and the field that we have at the moment is further enhanced by completing this transaction. Certainly from a cleaner operational perspective, cleaner and easier project to take forward. But if we look at the history, and some of you will know all this already, you know, it's a major historical province, pretty much unloved. You know, it was, at its time, it was the highest grade gold province in the region. It's a Tier 1 jurisdiction located in Northern Territory, and it is well established and certainly a lot of infrastructure that has been in place for a long, long time.
Production for us commenced in mid-last year. Early last year, we commissioned the project and it's ramping up. It was ahead of budget, ahead of schedule, on time, basically. From that perspective, that's gone fairly well. We've got a dominant land position, and I think Hendrik will touch on this a little bit more, 1,700 sq km through the 100% assets in the joint venture with Emmerson, which is now to be 100% PAR. A long mine life in there is eight years. Obviously, if you bring White Devil into that takes that from 8 years to circa 14 years and maybe beyond.
We think there's a lot of upside in that and certainly in White Devil and a lot of the other assets, and Hendrik will touch on the opportunities there. Attractive economics, lower operating costs, and we're still bringing our operating costs down, supporting strong margins and obviously free cash flow. This is what attracted us when we put this together originally. The region is significantly underexplored. As you can see there, less than 8% of historical drilling below 150 meters. We've got an experienced in-country team that is growing rapidly, that'll obviously take the projects and the business to a new level. Thank you. I'll hand over on that note to Hendrik.
Thank you very much, Peter, Cobus, and team. If we move over to slide eight, we can see, and as the team has indicated, you know, previously with the exploration joint venture, successfully commencing in September 2025, the group has had access to more than 1,700 sq km of highly prospective tenement packages in Tennant Creek, mainly for gold-associated ore bodies, for the Nobles plant.
Additional to this 1,700 sq km package, this transaction also gives the group access to additional tenements in Tennant Creek, where Emmerson has conducted some exploration on Edna Beryl, Jasper Hills and Hermitage, which are copper-dominant deposits, as well as more than 500 sq km of prospective exploration tenements within the Lachlan Fold Belt in Cobar Arc in New South Wales, which we'll also detail a bit more on slide 12 and 13. Looking at the exploration joint venture, as Peter has explained to us, where since September 2025, Pan African has had a 75% stake in it. These are large mineral resource deposits that's been added to the mine life of Nobles.
We can see in the table below, just about 1 million ounces at over 4 grams per ton, which is high-grade deposits. All of these deposits are within the top 300 meters from surface. Typically shallow deposits, and with less than 8% of historical drilling being conducted to depths greater than 150 meters. We do understand the great prospectivity that we've got for these deposits to extend down dip. We've seen that with the White Devil deposit, which we'll detail a bit more on slide 11. You can see 616,000 ounces, the largest deposit currently within the Tennant Creek Mineral Field at 4 grams per ton. You know, added mine life of about 7 years, producing 64,000 ounces a year. It's amazing project.
You know, looking at over the past 8 months, the group has spent quite a bit of capital in geophysical surveys, using modern techniques, either aerial and in some places ground-based for high resolution. We do see that these new modern exploration techniques has given us the ability to look closer to historical brownfields projects and, you know, bringing them online. As Peter has mentioned, some of these deposit hasn't been looked at since the 1980s. Also on greenfields side, we see that these geophysical techniques now gives us the ability to target previously unknown ore bodies, where we've identified more than 10 deposits, previously not known just below surface, which we will target for follow-up exploration techniques.
Of this million ounces, approximately 200,000 ounces forms part of the current Nobles life of mine plan at a grade of about 5.8 grams per ton. Importantly, this excludes the 600,000 ounces of White Devil, which we'll work within the next couple of months to bring that to fruition.
Hendrik, I think it's important also to note that, on a number of these deposits, specifically Golden Forty and Chariot, I mean, we believe that there's huge potential to actually extending and expand these ounces.
No, agreed. You know, that talks to the historical drilling that hasn't really been conducted to depths greater than 150 meters, and we know that Tennant Creek Mineral Field deposits do continue down dip.
Thanks. Consolidation of Tennant Creek platform, this is slide number 9. Strategic benefits, as we've said, it eliminates the joint venture. It allows Pan African to now, develop Tennant Creek, at speed. Obviously, all of our abilities and skills. Again, like, whereas previously we had a very good relationship with Emmerson in terms of the joint venture still, now we would have unrestricted access to all of these tenements and to 1,700 sq km of exploration ground. Very exciting. District scale exploration upside, as we've said, you know, like a huge tenement package, adds to our mineral resource and reserve base. We think a lot more resource and reserves to be proven up in the next years. A lot of opportunities both in copper and gold.
As we said, Pan African control means expedite exploration and development. I've asked Hendrik to come in slide 10 and just try and identify deposits, specifically, the ability to increase all four of these resources deposits that we list here.
Thank you very much, Cobus. Yes, we've mentioned some of these deposits. White Devil being the largest one there, just under 5 million tons at 4 grams per ton. We also have Golden Forty, which is featured in the original life of mine plan as small mines project of Nobles, accessing 134,000 ounces at just over 4 grams per ton as well, not too far from the current Nobles treatment facility. All of these deposits, including Chariot and El dorado, which has been historically main producers also in the region, they are open at depth. Chariot and El dorado itself hasn't been mined to depths greater than 150 m itself.
What this transaction do give Pan African is unencumbered access to schedule and run scenarios on these deposits to optimally fill a life of mine plan targeting 100,000 ounces of production with a target mine life of at least 15 years. We can see all of the tenements on the right-hand side of the slide. The yellow tenements, that's the exploration joint venture tenements, and then the red ones to the north of it, to the top of the image, that's the copper dominant deposits. Throughout these tenements, it covers basically 75% odd of the whole Tennant Creek mineral field. There are various brownfields and greenfields targets that we'll identify and follow up with the geophysics, ultrafine soil geochemistry and drilling in the coming months. If we move to slide 11.
Just a quick summary on White Devil. At the end of last year, the exploration joint venture conducted a scoping study over the White Devil deposit. We see at a gold price of $2,600 per ounce, an open-pit mine shell, optimized open-pit mine shell targets about 3.2 million tonnes to access just under 380,000 ounces of gold that can be treated within the already existing Nobles treatment facility. Additionaly, to that, by creating an access from the bottom of the open pit, you can see in the schematic on the right-hand side via decline and a ramp system.
We can access a further 1 million tonnes at 3 grams per tonne via underground mining methods, quite specifically long-hole open stopping, which is a low-cost underground mining method. This gives us a current model life of mine of about 7 years. Additional ore will be supplied to the Nobles plant as well, so it won't just be reliant on White Devil. With a 7-year life of mine producing on its own at steady state 64,000 ounces of gold, at an all-in sustaining cost of just over $1,350 per ounce. We can see the immense capability of this ore body. Obviously, if we increase that gold price from $2,600 closer to spot, then we look at $4,000-$4,500 per ounce.
Obviously, the pit economics becomes much better, much more economical. The pit becomes larger. We access more ore bodies or more ounces down dip and on strike off the currently defined mineral resource. If we move to slide 12. Just looking at sort of the copper tenements. We've seen that recently Emmerson has released some of the intersections and work they've been doing on some of the copper deposits, which is Edna Beryl, Hermitage and Jasper Hills, which this transaction will give Pan African control over as well. These deposits will be quite instrumental as well in supplementing the current Warrego feasibility that the group is finalizing to look at a copper-dominant processing facility and making use of these additional resources.
We can see some of the intersections highlighted on the right-hand side of the slide there. 119 meters at 3% or 3.3% copper, 9 meters at 2.6 grams per tonne and 0.2% copper. These are large scale, massive copper gold ore bodies, and it just supplements the group's ability to bring these deposits into fruition as well. Thank you. I'll hand back to Peter.
T hanks. Thanks, Henrik. Look, just obviously Emmerson has owned these assets for quite a while in New South Wales, but really hasn't focused on it. I think the center of attention's clearly been the Northern Territory. From a point of view of this region, and this was not in, you know, assumed in the valuation that we did, but this is big. For those who are not aware, New South Wales is this region. There's been a lot of studies and a lot of work done and a number of the majors are in there. You're mainly talking copper-gold porphyry systems here. Very, very expensive exploration spends, more suited to larger companies.
This is one thing that we see as a bit of a sleeper at the moment, but holding 500 sq km. The Lachlan Fold Belt has had an excellent history and one that once we've done our work and completed what we want to do in Tennant Creek, we would look at this or have a close look at this region from the point of view of, you know, spending at least initially some exploration and ramping that up if obviously the various deposits are prospective. It's in the right street address. Everything presents well here. I think Emmerson have made a good decision here.
I think it was just from a funding perspective and focusing on the Northern Territory whereby, you know, they spent most of their money. It's one that we'll be watching very closely, and we think it's really good to have in the portfolio. I'll hand over to Marileen.
Thanks, Peter. Just in terms of the scheme consideration, as Cobus said, the scheme consideration will be settled in the form of Pan African shares, CDIs traded on the Australian Securities Exchange. Pan African will list on the ASX as a foreign exempt listing, so this listing will not affect our primary listings on the London Stock Exchange and the Johannesburg Stock Exchange. In terms of the foreign exempt listing, we will be exempt from complying with most of the ASX listing requirements. There are some of the listing requirements that we do need to comply with. The benefits of those far outweigh the incremental compliance with some of those listing rules that we have to comply with.
The benefits of the listing includes enhancing our capital markets profile, with the ASX being the natural listing given our footprint and our intention to grow our presence in the Australian market. This will also help us to facilitate greater equity research coverage and institutional ownership, and then also the additional liquidity and the interest in Pan African shares. It will also give us access to the pools of capital funding from mining-focused investors. We have done a non-deal roadshow previously in July 2025 in Sydney, where we saw over 20 potential investors and shareholders.
It was very positive, so we do believe that there's lots of potential, especially in the capital markets in the Australian environment with also a lot of the superannuation funds being able to invest in ASX shares. Then it gives us greater flexibility to pursue our growth strategy in Australia with corporate investments and potential new transactions.
Thanks, Marileen. As I said, the cost of this listing is pretty negligible, so it's also not something to be concerned about. In terms of the timetable, Marileen, just can you talk us through it?
Yes. The scheme was announced yesterday. The next step is now that the scheme booklet will have to be issued and lodged with the ASIC for review. As soon as the ASIC signs off on the scheme booklet, we will proceed with the court, with the first court date. Once approved by the court, the booklet will then be registered and released on the ASX and dispatched to all Emmerson shareholders, whereafter the scheme meeting will be held, where the voting for the scheme will then take place. The second court date will then follow the scheme meeting for final approval of the scheme, and then we expect the effective date to be middle of July, early to mid-July.
After that, we will determine the scheme record date and implementation date.
Thank you. Pretty much most of the work from now until closing is in the hands of Emmerson and their Board.
I think that concludes. Just very briefly, I mean, we're excited about the transaction. We think it's 100% the right thing for Pan African and for our shareholders. Admittedly, the price that we have paid is higher than what we certainly have paid in the last two instances where we made acquisitions, being you will recall MTR, which we sort of pretty much got for nothing, and then also the acquisition of TCMG in 2024. The premium is market-related in Australia and elsewhere. The basis of our valuation really was cash flows from White Devil attributable to Emmerson at a discounted spot price, about 15%-20% lower than spot.
I think importantly, that excludes upside, which we are quite comfortable would be there in terms of strike and depth extensions at White Devil. Those cash flows we valued. We also valued, obviously, the royalties that we know would be payable on the smaller mines. That would be a 6% royalty to Emmerson. Then lastly, also the penalty payments that I mentioned, which was initially factored into our valuation of TCMG. Yes, I mean, it's not the cheapest deal that Pan African has done, speaking plainly, but we think it's a defensible deal. We still generate a return at a discount to spot. Certainly we've highlighted the upside that we believe will be embedded in this transaction.
That in short is the presentation. I'll open for questions. I see one hand raised. Herbert, go ahead.
Good afternoon, guys. Thank you for the opportunity. What are the limitations of the foreign exempt listing in Australia? Would you qualify for index inclusions? Is that something you would consider going for a standard listing? Thank you.
Herbert, in terms of the Australian rules, as a foreign company, you have to list through the CDI. CDI shares are traded as normally. You can get indexation, everything. There's no limitation because it's a CDI that is traded. You will get full indexation. It's just because we're a foreign company that is listing that you have to go through the CDI route.
All right. Thank you.
Pleasure. Tim?
Thanks very much for the PresCo. Just one question from some sort of a historical perspective. When you first got involved with TCMG, you put out a very clear sort of five- or six-year ramp up to 100,000 ounces using multiple sources, probably about seven or eight different ore sources to get there. I mean, given where we are today, assuming Emmerson goes through where the current price outlook is, I guess from that original, you know, 50- to 100,000-ounce ramp up over time, obviously the assumptions, you do it a lot faster. I guess, how could we expect to see that mix change maybe from, call it the FY 2027 to FY 2029 timeframe?
Tim, I think we've tried to simplify things now and, you know, one of the reasons that we were able to acquire TCMG for what we think is a very reasonable number was just the fact that like it was mostly smaller body deposits. Now on the back of White Devil, Juno, and Golden Forty, with Golden Forty, Juno being underground projects, we think we can sort of ramp up to that sort of 100,000 ounces. As we said, as part of the interim presentation in the next three years or so. I think very importantly and what we think is very attractive, this excludes Warrego.
We're obviously busy with our studies, and to remind you, we think Warrego has the potential of producing 10,000-15,000 tons of copper annually, plus an additional 20,000-30,000 ounces of gold. That's sort of broadly the current strategy. I mean, the fact that we were able to find and prove up White Devil within a space of 12 months demonstrates the prospectivity here. Hopefully we can find some other deposits and change the scope and increase production further. That's really the exciting bit as far as this gold field's concerned. I've asked Hendrik, who's obviously has lots of experience. I asked him, you know, what's the possibility of finding more White Devils?
He didn't really wanna commit, but let's for safety's sake say that we think the chances are fairly good, particularly given our new exploration techniques. The fact that also less than 8% of this field's been drilled below 150 meters.
C obus, just additional to that, and Tim, you've been with me to White Devil. You've seen the deposit there. The original 6-year life of mine plan targeting going up to 100,000 ounces a year production, that included 50,000-70,000 ounces from Nobles and an additional 30,000-50,000 ounces of gold coming from Warrego, plus the 10,000-15,000 tons of copper, which at that stage would've formed part of sort of an integrated processing system. However, with this transaction, we can get to the 100,000 ounces production by focusing on the gold only deposits, which includes the Golden Forty, Eldorado, Chariot, and White Devil, as Cobus has mentioned, which leaves the Warrego plus the additional copper assets as upside to that system.
We can essentially look at, you know, increasing that to 120,000-130,000 ounces gold output, + 10-15 kilotons of copper output per year.
That's perfect. Just one follow-up on the point that you just mentioned there, Hendrik. My guess is that obviously with the cash flow you guys are generating, not only can you get to that 100,000 ounce a lot faster doing gold only. Does that mean that you're gonna be running Warrego in parallel to this whole process?
Well, we certainly have the capacity to do so, depending on the outcome of the other studies. We know what copper's like in this market. I mean, attending conferences and listening to people speak, let's be clear, Pan African will continue to be a gold play, but if we can get a nice copper sweetener, which we are quite confident that we can in this field that'll be very exciting for shareholders. If Warrego can stand on its own two feet, even better. L ook, the current high-level concept is really, we announced some improvements to the Tennant plant, Nobles plant. We're running sort of like close to our capacity.
There are a couple of improvements we need to do, but we'll also put up a Flash flotation on the front end to deal with what we would say dirty copper, and then look to do a separate plant out at Warrego. That's the concept that we're thinking of. As you say, I think that's gonna realize, if we can get it right, it's gonna recrystallize a lot of value.
That's brilliant. Thank you very much.
Any other questions? No. Well, thank you very much then for taking time, and joining us today. I see there's one. Arnold?
Cobus. Thanks. Sorry it took a bit long to find the right button there. T here's lots of prospectivity here, clearly, but you know, to pick up on a comment about building the footprint or your presence in Australia. I guess tough question, but is this it now for Australia or in that region and you've got enough to keep you busy here? Because, you know, as you said, as I said, it is prospective. Or you would look at other opportunities, I guess. Going with that is the high gold price making it tough to find value, right? Just your thoughts on that, and then maybe throw in your views on copper and maybe venturing into copper, more copper. Thank you.
L ook, we always are open to looking at opportunities, and we say that it sort of teaches us a bit about our own portfolio. Now having a presence in Australia, we are presented with a number of opportunities. What continues to strike us obviously is that they're pretty fully valued. Pan African is known as being quite conservative and considered, and I think we need to make the point that's not gonna change. We don't like issuing equity. We understand how expensive paper is. If you look at the instances where we've done so, the first certainly in my involvement was a highly accretive share buyback back 2016. Funding Elikhulu 2017.
The last issuance was for TCMG, which we think was very attractive, with MTR being fully funded with debt and then a sort of a hedge. We'll continue to look, but we do not want to fall into a trap where we buy more difficult, more expensive assets and in a high gold price environment. It does feel like the gold price has reset and it's there to stay to some extent. That's the personal view. We can't rely on it. We're not gonna buy, if I could be blunt, crap. T hat can be very compelling. I mean, I think the next step for us really is to demonstrate realizing value from this 1,700 kilometers of ground that we have.
In a way, if you think about it's quite similar to what we've done in South Africa, where we gain a footprint and then we sort of expand. I mean, examples being building Elikhulu at Evander. Picking up MTR and then constructing that plant and now utilizing that base and footprint to grow with the likes of a Soweto cluster. This is a similar strategy. I mean, last example would be ours, which is smaller capital, but looking to develop the Royal Sheba ore body, which we have now green-lighted. I t's not gonna. I mean, we're not going on a spending spree. This was a very specific set of circumstances which we think is in the right interests of shareholders. I think we remain a gold company.
That's why shareholders invest in Pan African. That being said, well, the fundamentals for copper appear to be very compelling. You know, there's a huge shortage and anticipated that shortage will only increase with the companies that are in the space just not being able to produce enough. If we can produce a bit of copper here or get in hopefully a lot of copper with gold on top of it, I think it could be quite attractive.
Perfect. Cobus, thanks. T hanks for cleaning this up. I think there's actually more value in cleaning up structures like this than you think. T hanks. Cheers.
No, 100%. I think like all analysts can send us wine or any, or something else, because this admittedly is very complicated in terms of joint venture to model and to understand. That's not reason enough to do a deal like this. W e're quite comfortable now that the Tennant Creek is in one space, and as you say, it's cleaned up and it's ready to be developed. Anything else? No, thank you again. If you have more questions, you know where to find us. Appreciate the time and wishing you all the best for the rest of the week. Thank you.
Thank you.
Thanks.
Bye.
Thanks, everybody.