Coronado Global Resources Inc.

Thank you for standing by and welcome to the Coronado Global Resources second quarter investor call. All participants are in a listen-only mode. There will be a discussion of results from the CEO and team, followed by a question and answer session. If you wish to ask a question, you will need to press the star key followed by the number one on your telephone keypad. I would now like to hand the conference over to Chantelle Esser, Vice President, Investor Relations. Please go ahead.

Thank you Darcy and everyone for joining Coronado's June quarter investor call for 2025. Today we released our quarterly report to the ASX and SEC in which we outline our key information related to safety, production, sales, coal markets and financial performance. A more detailed outline of our financial position and results is expected to be released to the market on the 12th of August with our Form 10-Q. Today I am joined by our Managing Director and Chief Executive Officer, Douglas Thompson, and our Chief Financial Officer, Barry Vandermeer. Within our report, you will see our notice regarding forward-looking statements and reconciliations of certain non-US GAAP financial measures. We encourage you to review these statements in conjunction with our other filings with the ASX and SEC. I also remind everyone that Coronado quotes all numbers in US dollars and metric tons unless otherwise stated. I'll now hand over the call to Douglas.

Thank you, Chantal, and thank you everybody for making the time to join us today. Overall, we've demonstrated significant progress in the last quarter. We've executed to our plan and ended the June quarter on a six-year record ROM production. Despite weather events in the quarter, idling one of our mines and other assets, and planned shutdowns to enable our growth projects. We've improved our business resilience, and this reflects the capability of our mines to be operated to meet the market, a great result by our team under current market conditions. And we expect H2 to materially grow in returns with our expansion projects now in full execution. Jenny Bedard was also positive, covering our capital expenditure in the month. Our cost reductions have delivered, and we continue to execute these to plan, and our costs have reduced to below guidance levels in the quarter, and have improved on prior quarter and on prior year. We will deliver material volume increases in the second half of this year, as our high return mammoth and Buchanan growth projects are both in production. with three panels now operating at Mammoth and the Buchanan expansion producing its first coal. We expect the annual incremental run rate of approximately 3 million tons to show in the second half of this year as these projects now ramp up to full capacity. We've closed the new ABL facility and the Stanwell transaction to the end of the quarter with improved immediately available liquidity of $284 million. Given the extended market conditions, we continue to work through a series of steps to extend and optimize our liquidity further, if required. Key metrics achieved in quarter two were group ROM production, 7 million tons, up 20%, and our saleable production and our sales volumes were both 3.7 million tons in the quarter. At a group level, Our total recordable injury rate was 1.05, remaining well below industry averages for both the US and Australia. On our group performance, as I've said, June was a six-year record ROM performance, and the quarter delivered a 7% improvement in saleable production. And our total inventory at the end of the quarter was approximately a million tons. From a group perspective, the increased production is expected to have a material impact on EBITDA and free cash flow growth in the second half. Moving on to operations, specifically in the quarter, for our Australian business unit, the June month was significant. We exceeded plan from a ROM production perspective and achieved plan for sellable productions. Our ability to recover volumes after unplanned events has been more consistent than in the past, demonstrating the resilience that we've built into the business. And performance this quarter reflects the ability to manage the mines to meet the market. The increased production is before the incremental volume increases expected from our growth projects, as these are still in ramp-up phase. Cost reductions continue to be realized, and the average mining cost for tons sold in quarter two was below our forecast and budget and well below the lower end of our guidance levels. The third continuous miner commenced production in late June at Mammoth, and Mammoth now has three production panels in operation, and they are on line to achieve their full year planned production. Mammoth is expected to deliver a run rate in the second half of the year of up to an additional 2 million incremental tons. Moving to our US business unit, we had our planned long-wheel move in the quarter, and we also undertook shutdowns at Buchanan. These were enabling shutdowns that tie the new infrastructure for the expansion project into the existing infrastructure. The U.S. continues to make incremental improvements every quarter, delivering higher-on production, sellable production, and sales volumes than the same time last year and last quarter, despite these additional shutdowns, idling one of our mines, and idling select assets. Our Buchanan expansion is now 100% complete, on budget and on schedule. And I'll note, this is the second project our team has delivered on time and on budget. We are producing coal and finalizing commissioning of the shaft. The project is expected to deliver approximately additional 1 million annualized run rate from the second half of this year. Together with the dual long walls now at Buchanan, we expect the US business unit to exceed 7 million tons per annum going into the future. This additional capacity has been created by this expansion project. It's great to celebrate the successful completion of two major projects, the Buchanan expansion and the Mammoth Underground within a six-month period. And we're looking forward to enjoying the incremental tonnage that will come from these projects as they ramp up in the second half of this year. And with that, I'll hand over to Barry who will speak to our financial position.

Thank you, Douglas, and good morning, everyone. As Douglas outlined earlier, the June quarter performance outcomes were strong. It shows that we set up the business to be more resilient and responsive, as the June ROM production, a six-year record performance, clearly shows. While prices continue to be weak, we are controlling the controllables through reliable production, wrapping up the expansion project, and controlling cost. During the quarter, good progress was also made to extend the company's liquidity runway through the ABL with Oak Tree, and prepayment and rebate deferral will stand well. Our efforts to further strengthen the liquidity position continues, considering the expected continuing weak near-term price environment. The PLV index was volatile during the first half of the year, trading as low as $166 per tonne in March and as high as $196 per tonne in May. The quarter-on-quarter PLV index average was very similar at $184 per tonne. The average Australian dollar exchange rate for the June quarter was 2.2% stronger than the March quarter, but was in line with our guidance assumption of 63 cents. Our planning assumptions for the rest of the year is in line with current market prices. The 20% increase in rum production was driven primarily by Currah that produced 1 million tonnes more, a 41% quarter-on-quarter increase. This and approximately $30 million of cost savings realized in the quarter, the over-reduction of 18% in mining cost per ton sold to $92 per ton, the bottom end of our guidance range. This unit cost was achieved without a material contribution to production from our expansions, which are only starting to ramp up now, and the majority of cost savings are to be realized in the second half. The strong production results built a 600,000-tonne round stockpile at Currah, which will support production resilience of the open pits in the second half. The completion of the Mammoth and Buchanan expansions, as Douglas said before, will mean that half two capex cash flows will be approximately $60 million lower than half one, with cash capital expenditure of approximately $230 million expected for the full year. At an operating level, before capital expenditure of $75 million, the group consumed only $19 million of cash during the June quarter. This is after $17 million in Queensland state royalty payments, $8 million in Stanwell rebates paid up to May before the rebate deferral started, and $7 million absorbed into working capital. The increased ROM stocks amounting to about $35 million was funded by a short-term prepayment arrangement. Cash outflows included cash backing of $31 million of guarantees, $4 million of transaction costs, which are not expected to recur, and payment of the final dividend for FY24 of $8 million, which was more than offset by inflows of $170 million from the ADL drawdown and the Stanwell prepayment and rebate deferral. It's worth noting that even at these prices and before state royalties and the Stanwell rebate, Currah was in a cash break-even position for the first half after funding the completion of the Mammoth Underground Expansion. $75 million of the $150 million facility. $75 million remains available to be drawn subject to having adequate eligible inventory and debtors, 22 million of which was immediately available at 30 June. There are no covenant testing for the June quarter, and the covenant thresholds and calculation methodologies up to the March quarter of 2026 have been set in a manner that accounts for a low-price environment. Oakley is supportive of our business, and the recent review event resulting from credit ratings downgrades driven by the expectation of lower for longer prices, were completed without any change to the facility's terms or availability. We plan on drawing the facility further in half, too, as required to fund working capital increases. The transaction with Stanwell for $75 million in cash up front and approximately $75 million through progressive monthly rebate deferrals will increase liquidity by approximately $150 million by the end of the year. The liquidity support will be repaid in coal tons beyond 2026, after which annual cash flow is expected to improve by approximately $150 million per year at current prices. At 3 June, we had $284 million in immediately available liquidity, a further $53 million under the ABL, that will fund future inventory and debtors' increases, and about $50 million future rebate deferrals from Stanwell. As we've said previously, we continue to pursue all options available to us to maximize our liquidity and financial flexibility during this downturn in Metco markets and time of global macroeconomic uncertainty and volatility. We'll be releasing our quarterly financial results on the ASX and SEC on 12 August. I'll now hand you back to Douglas for a market overview. Thanks.

Thank you, Barry. We continue to see the steel markets and raw material demand coming under pressure. Global demand feels weak and prices have remained subdued. China's declining domestic demand due to real estate weakness is assumed to be partially offset by exports and manufacturing, which is having a prolonged impact on the global demand and supply dynamics. Trade flows and product mixes are changing in response to tariffs, causing changes in dynamics in pricing at different pricing and product tiers. Having said this, the outlook for the second half of this year has potential, supported by several key factors. An anticipated recovery in global steel production outside of China, ongoing tariffs, on China steel that has been exported around the world, and ongoing supply rationalization, and continued indicators of steel production and demand in India. We've seen positive signs out of India. India have extended the Coke import quota to the end of the year, and the potential post-monsoon demand and restocking to rebuild inventories will be seen. And in China, the Coke and Met pricing have improved in recent days, and they've announced some substantial projects domestically. We maintain the view that the long-term outlook for seaborne met coal remains very positive. And we remain confident that our second half production profile and our plan will support positive returns at today's prices. And we've demonstrated this in the June quarter. And with that, I'll hand over to Darcy to take your questions.

Thank you. If you wish to ask a question, please press star 1 on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star 2. If you're on a speakerphone, please pick up the handset to ask your question. Your first question comes from Rob Stein from Macquarie. Please go ahead.

Thanks for the opportunity. Just looking at the cost result, just wondering, in terms of overburden removal and the like, are we to expect a drift back to more productive movement going forward in future quarters, given that, obviously, due to the current prevailing market conditions, you've had to take some pretty drastic cost measures? Just trying to get a handle on how sustainable the cost position is

Obviously, there's fluctuations from quarter to quarter as inventories move, but if you look at the last two years' journey, Rob, at Currah, we went on a productivity drive led by our draglines, and you'll see in our results the performance of our dragline systems have improved materially over the last 18 months and have sustained that we're moving more than half of our volumes through draglines. So as a result, if you compare year on year, about 45% of our installed capacity by truck and excavator has been removed from the system, dramatically reducing cost, but also enabling simplicity of operations, mine planning and the way in which the mines, the two open cuts are set up. What we're going to enjoy going forward at Currah is now with the incremental tons that will come from the underground operations, as that ramps up, and those costs are below the costs of the open cuts. So we'll enjoy that reduction further. So what we've done at Currah and the continued ramp-up will definitely be sustained and enjoyed. What we've done in the US recently to address costs, as I said, we've idled one of our surface operations. It was probably the higher cost operations and not the most favourable product. So it was a net benefit from a cash perspective. We've got that in idle. And if the market presents itself in time, we can turn those volumes back on. We've also addressed some of our development units at Buchanan and taking advantage of the investment we've made in the past with lead days on our long walls to gear back some of that. That cost will come back into the business. But the incremental tons that we'll get out of the system now that we've finished the project at Buchanan, the growth profile there will more than offset the costs. And then importantly, from a cash management perspective in this market, the discipline remains. We're very tightly controlling our capital. The capital projects that we've spent to date now come to an end. And our cost reduction initiatives that we spoke about at previous calls all continue into the months to come.

So specifically at Curra, we're not seeing an overburden depth build in the quarter, given that there is a time lag between, you know, truck and shovel movements regarding overburden and lag, those drag lines. You know, good length to sort of attack the seam.

No, no. What we did diligently, probably starting three years ago, is catch up pre-strip deficits by the investment that we did back then. We've maintained a stable mine plan. Everybody in this market will be taking advantage of stripping ratio advantages they have, selecting pits that have got better margin ranking. We, like everybody else, will be doing that because that's just prudent works. But we do have a sustainable mine plan at Currah, and it's dragline-led. So in short, we haven't hydrated the mine to an unsustainable position.

Perfect. Thank you very much.

Thank you. Your next question comes from Glyn Lawcock from Baron Joey. Please go ahead.

Good morning, Douglas. You mentioned just before in the question, you know, costs fluctuate from quarter to quarter as the inventory moves. You gave us $92 a tonne for the June quarter, $72 a tonne for the month of June mining costs. What do you think it is on a cash basis? If you strip out the inventory noise, where do you think this business can get to? And therefore, at current prices, and prices lag by a quarter, can this business generate free cash flow in the second half?

Lynn, so on that first one, I think that when we look at that metric of cost per ton sold, it is on a per sold basis. It's not a produced basis. So the other way to look at it is if we actually sold, if we worked through those inventories, we expense the cost, your denominator in that calc would go up. So it's not an artificial $92 a ton. It was $92 a ton. even if you sold those inventories through and expense the cost. I think that $92 a tonne sitting at the bottom end of guidance, and our guidance was 92 to 1. Because in the performance for the quarter, we've not had much of the ramp-up expansion, the ramp-up tonnes. So you would think with the majority of cost savings to come through in the second half and then the additional tons coming from the expansions, the 92 and less should give you a good indication of where it should sit in the second half. You then need to kind of roll that through to kind of what the second half looks like. I mean, the prices are tough, the prices are low. We gave a bit of a steer in the quarterly report as to how the underlying operating cash flows looked for the second quarter of the year. So there was $19 million of operating cash flow burned in the second quarter. We had high capex, so that exacerbated the net mine cash flow position that was also burned. But I think it's important to realize that the second quarter, I think that the best indication I can give you, as we said, Yes, there was cash burn in the quarter. CapEx is coming down into the second quarter. So these prices, you probably would still see some cash consumption, but it won't be as extreme as it was in the first half because the CapEx is coming down and the cost savings are washing through.

All right. Thanks, Barry. You dropped out a little bit when you were answering the question. Well, it did for me anyway. So just if I think about that, then to you, what you're saying is $92 a ton is a good number that's cash. And I could multiply that by your saleable production, say 18 million tons, right? So we're looking at a business that's sort of 1.65 billion cash from a mining perspective. And then I've got my royalties and everything else, I guess is what I'm just trying to make sure. That's a true cash number, what you think 92 as opposed to, because it does... jump around as you say inventory but that's a good cash number okay um cool thanks very much for that or less i mean you need to factor the second half in etc but i think that's that's a fair cash number okay and then just on the the oak tree debt and i appreciate you're going to test the covenant at the end of the september quarter and it's you know i think you've made comments that it's not as It's not as onerous as normal. It's set for a low-price environment. But given the lag on pricing, I mean, myself in the market, it's expecting you to report negative EBITDA for Q3, given the pricing's pretty much locked away. How do you pass a covenant test with negative EBITDA, or are we missing something in the testing?

Look, the EBITDA will be the EBITDA. And the financial results will come out, and you'll see what the second quarter EBITDA was. But that was pretty much line ball for the second quarter. So again, as you see, volumes lifting to Q3. With the expansions, you know, we'd expect that to be a plus and not a minus. A bit more detail on those covenants. So the thresholds are looser, but then the test will work on an annualized quarterly EBITDA. So you'll go Q3 EBITDA times four, and that'll be the basis of the test. I mean, technically, you're right. If you make an EBITDA loss, you've got nowhere to go. But that's not our assessment of what Q3 is going to be.

Okay. Oh, that's good. And then just to finish up, if I may, given all the cost initiatives, capital reductions, you've made the comment about ABL and Stanwell agreement expected to meet current needs. Does that mean... A sell-down of Curra or other portfolio adjustments are now off the table and you feel you've done everything you need to get through?

As we said, in the current market and prolonged outlook on pricing being range-bound, we're looking at all options. So, you know, there's a lot of speculation about what we're doing and aren't doing in it. We don't indulge in the speculation. We have a plan and we stick to our plan. But to make sure that that plan considers all prudent options, we keep the door open at looking at what makes sense. And as you said, minority sell-downs have been spoken about a lot in the market recently. We're having inbound inquiries. I think most producers in Queensland are getting inbound inquiries because the world's pretty nervous about what is Queensland going to do with the royalty rate and the pressure that's on these operators. Will there be sustained growth into the future? Because the product is clearly going to be needed. We're hearing more and more blast furnaces getting relined and arc furnace projects being deferred. So product demand into the future is going to be there and people are concerned the supply is not going to be there. So with us having growth projects and producing product that clients want, there's a lot of interest. So we will prudently assess those and determine if they're right for our business. But what we've done as a team is built ourselves a very secure runway, even in this really hard market, to make decisions in a timely, controlled manner that are right for all of our shareholders.

I appreciate that. Thanks very much, Douglas. Barry? No worries. Cool.

Thank you. Once again, if you wish to ask a question, please press star 1 on your telephone. Your next question comes from Daniel Roden from Jefferies. Please go ahead.

Hey, Doug and Barry. Thanks for taking my question. Just wanted to ask, I guess, commentary on Mammoth has been fairly light in terms of how it's going. I just wanted to provide a bit of an update on, I guess, the operational progress. Are you seeing any challenges from the continuous miners touching into their respective sections? And, you know, I guess are you seeing seeing confidence that you're going to be hitting production guidance into half two and any indication on where and how that performance might go into half two.

Daniel, thank you. As I said, we've put the third continuous mining unit into production. So we've got now three panels. The permanent vent fans have gone in. The underground infrastructure for material landing, conveyor belt systems and the like has gone in. in the portals in December, late December to where we are now where we've fully built our three panels and got all this infrastructure built into the mine and all the crews mobilised and trained and delivering. We're now standing in the position where we've got enough space that's been built underground for these units to operate productively and go through the ramp-up curve and we've built the enabling infrastructure like ventilation districts and appropriate ventilation controls that they can operate optimally. The equipment itself is performing well. We are, like all projects, going through a period of learning as we build out the mine. That's what this first six months was intended to be. We've got those and we understand the geology and the geotech around it. And most conditions are playing out the way that we anticipated them to be. So we're in a good position for the ramp up for the rest of the year. The product that we're producing out of the mine, as we've said, is the same product that we produce out of the northern open cut mine. But clearly it's been extracted in a different manner. So through continuous miner, it's a lot finer. And we've been running a number of trials, as we've been alluding to in this quarter. on how do we put that product through the prep plant, how do we tie that infrastructure in, just like in the US, we've been doing times and shutdowns to enable. We put in that product through the prep plant and seeing what upside opportunities do we have, particularly using our bypass circuit and having some upside capacity, not only on prep plant throughput, but then also on yield side of the product that'll come out of that mine. So there's some detail on how Mammoth is going, but we're in a great position now for the second half of the year for the teams to take full advantage of what they've been provided and ramp up.

Yeah, thank you. You touched on my follow-up there a little bit, but I'm just wondering if there was any expectations on product mix like pricing mix changes in the second half, could they ramp up with Mammoth or, you know, you kind of touched on yields and product quality there. So I guess, is there any expectations on those kind of changes?

We're talking to a number of our clients that have expressed interest in some of the products that'll come out of the mine going forward. For example, there's a really good PCI that we could put through out of Mammoth. We packaged up some samples and sent those to clients. The other that we see in the US with the northern Longwell district and southern Longwell district is we've got slightly different products that are coming out of the south with different reflectance as an example. And clients are expressing interest in those. So we will explore different products with our clients going forward and seeing if the value is there. But we don't see material change to the products that we're going to be producing or what the market is seeking from us. So we'll keep our cake mix pretty standard going forward.

Okay. And I guess I appreciate that you're still in, you know, your ramp up curve for MAMIS between the three continuous monitors. But I was wondering if, I guess from a cost front, are you seeing the costs becoming broadly in line with where you're, you know, you expect them to be at this point in time? And do you think you'd be able to hit that Yeah, I guess the cost guidance that you put out on the project before is around $90 a tonne from memory. I guess is that target still realistic? And just as a probably addition to that, inside of the operating cost and CAPEX guidance in 25, does that CAPEX include a portion of capitalised costs for mammoth visits going through to ramp-ups as well?

So the easy way to answer that is yes, yes and yes, but so from a mammoth managing its costs absolute dollar spend and across all of our business if you look at our results the team have done a great job in reducing costs if you compare quarter on quarter on year on year particularly at Currah so mammoth is spending actually slightly below budget at the moment it's the denominator at the moment because obviously there's much smaller tons that are coming through but as those tons ramp up we very strongly anticipate to get to the the numbers that we've put out previously and what you've quoted. And then in the ramp up, yes, there's development meters that would be defined as capital that'll serve the mine for the mine life. And those will get defined as development and get capitalized. And yes, that is in the capital numbers, the cash capital numbers that Barry referred to.

Brilliant. Thanks, Doug. I appreciate your answers. Thank you very much.

No worries. Thank you.

Thank you. Once again, if you wish to ask a question, please press star 1. Your next question comes from Dikash Agarwala from Premise Asset Management. Please go ahead.

Hi. Thank you, guys. Can you hear me? Yes, we can. Hi. Great. A couple of questions from our side. First on the production side, So the ramp up for the expansion at Mammoth and Buchanan. So based on what the first half production numbers are, volume is about 7.2. So can we expect this annual rendering of 1.2 showing up in second half?

Sorry, I just didn't catch the last little bit. Did you quite remember that'll show up in the second half? If you could just repeat.

For the production, yeah. The incremental annual production, you have three MTPAs. From the expansion, how much of this will show up in second half?

So the US ramp-up is unlocking and de-bottlenecking the long walls that are already producing at the run rates that we require. We've been skipping over 1,000 skips a day out of the old shop. The enabling now that will come through with that bottleneck with that shaft will almost come immediately. There'll be some growth into it. So we've planned in our production profiles that through this quarter there'll be a ramp up and then in the fourth quarter that'll be pretty much running at full capacity. And as of my briefing from the team this morning, I can share with you that by tomorrow we're hoping to go to full automation in that new shaft. We're at the back end of the commission phase and that'll unlock the capacity there. So yes, that will ramp up from a mammoth perspective. We've built this progressive ramp up profile of one continuous unit that started in December, then in the second quarter, two. At the back end of June, we put the third one into production. So in the third quarter, we'll still have a bit of a ramp up phase as those become fully productive. But in the fourth quarter of this year, that run rate of 2 million ton incremental additional will be at the run rate that we expect out of the project at this stage and we've planned it in. So it's a logical and well thought through ramp up profile that we will enjoy the production capacity, the additional production capacity that will come through the system.

Got it. And in terms of the ABL review event which happened in July post the downgrade or June, was there any cost associated or additional fees which needs to be incurred for that review event?

No, there was none of that. We reviewed the business with OK and we moved on without any changes to the facility or any costs. Got it.

And the next event is scheduled in September. Just say that again, Vikash. I'm seeing the next review event for ABL is scheduled in September.

No, the review events are triggers in the facility. So, like, if there's a credit rating downgrade, then that causes a review event where you have to pause, sit down, kind of review the business. But the next government test is for the quarter end of September, which will be tested in kind of November.

Oh, got it. So that's more maintenance governance.

Correct. That's maintenance governance.

Yep. Okay. Great. And last question from my side for the realized price. Do you have any number you can share for the current exit rate for July?

No, unfortunately not because we can't. We can only talk about what we've got in the portal at this stage.

Sorry, no problem. Thanks a lot. Good.

Thank you. Your next question comes from Glenn Lawcock from Baron Joey. Please go ahead.

Morning. Thanks again. I just wanted to ask, is there any rights that the US bondholders have, given all the issues you're having at the moment with cash flow and everything you're doing? Like, is there any rights they have, or are they very clean and vanilla? Thanks.

Can you be just a bit more specific, Glenn? Are you talking about covenants?

Yeah, I guess. Yeah, sorry, Barry. I mean, I guess I'm just like, is there anything they can do? Like if you want to sell an asset or, you know, everything you're doing at the moment, do they have any ability to butt their heads in and sort of demand anything? Or are they very much like, you know, you've got your oak tree testing every quarter and I mean, how do the U.S. bonds work? I'm just wondering to make sure that there's any rights that they've got in this situation.

No, that's good, Glenn. I mean, they are the first ranking creditors in the group, so they've got the top of the pile of the security, and that flows into the facility in that it is kind of less covenant restricted. So there's no maintenance governance under the bonds, so you don't have leverage and interest cover or any of those things. the document is more about what incremental indebtedness you can incur, and there's certain buckets and rules and tests around that. So it's more about can you add debt to the business, is what they're interested in, or are you eroding their collateral? So if you are specific with respect to setting a stake in one of the mines, the document, the indenture actually allows for that, but you have to spend that money in the business within a year on capital. So as long as you're not eroding the collateral, you've got a lot of flexibility under the indenture, under the notes, to do certain things.

Okay, that's great. Thanks very much, Barry.

Thank you. That concludes the question and answer section of today's call. I'll now hand back to Douglas for any closing remarks.

Thank you, Darcy. Just to say thanks to everybody for making the time to join us today to understand how we've gone in the quarter. The business has clearly demonstrated that we've got minds and an operating team and a management plan that can flex the business and trim our sales to sell through challenging markets. And we've got the runway now as a business to set ourselves up to make prudent decisions into the future. And very pleasingly, we've completed these two large enabling projects that unlock huge shareholder value in a challenging market. And we look forward to enjoying the benefits of the incremental time that will come from these into the future. Thanks to you, Tom. And if you've got any further questions, please do not hesitate to contact our team and we'll set up discussions. Thank you.

Thank you. That does conclude our conference for today. Thank you for participating. You may now disconnect.