Mineral Resources Limited

Thank you, Josh, and good morning, everyone. My name is Mark Wilson. I'm the CFO of Mineral Resources. Joining me in the office this morning is Chris Chong, General Manager, Investor Relations, and on the line we have our Chair, Mel Bundy. I'm conscious it's a very busy day today, so I'll just provide a very brief summary of the quarterly results before we move to questions. This has been another successful quarter for Minres, with all divisions performing well. The quarter underscored the strengths of the business. with consistent operational performance at Onslow Iron and the agility to capture opportunities in an improving lithium market. Following strong operational performance in lithium in the first half and to take advantage of the improved pricing, we're upgrading our FY26 volume guidance that both Wojnar and Marianne has outlined in the release this morning. In the iron ore division, Onslow Iron continues to operate at its nameplate capacity. and the development of Lamb Creek is progressing well at the Pilbara Hub, with final exports from Wanmana scheduled for April. Balance sheet transformation is progressing as planned. Liquidity is strengthened to over $1.4 billion, and net debt is reduced by $500 million to below $4.9 billion. The POSCO lithium joint venture that we announced in November will further accelerate deleveraging. In summary, today's report confirms that we're entering the second half with positive operational momentum, favourable market conditions and a strengthening balance sheet. With that, I'll hand back to Josh to facilitate questions.

Thank you, Mark. If you have not yet submitted your text question or joined the live audio queue, please do so now. I will introduce each caller by name and ask you to go ahead. You will then hear a beep indicating your microphone is live. Our first question today comes from Rahul Anand from Morgan Stanley. Rahul, please go ahead after the beep.

Hi. Good morning, team. Thank you for the call. I've got two questions. First one is on the potential for the Bald Hill restart. Just wanted to perhaps ask the question a different way, and then bringing that project on versus bringing Train 3 on, what informs that decision to be more tilted towards Bald Hill? And if you can kind of help us understand if you've had any conversations with Albemarle on the potential restart of Train 3. That's the first one, and then I'll come back with a second. Thanks.