Full Year 2025 IGO Ltd Earnings Call
But Paul you handle they look at swaps results call with me.
You can see it.
Yeah, we're always see it pause either this year.
Well, we'll come back to that causes autonomy next calls they were unable to join me as well, but maybe.
Moving on.
Busy day for all of you I'm sure with what's going on across the market. So we'll keep that comments break jump into your questions.
Got from that.
First of all look on on site and sustainability, just a couple of quite a lot to call out and I have talked to playing for downside in the last poorly so lunch break side, all our key messages.
Other than city.
Again he is considerable.
Reemphasize the importance of society and business.
And the proxy.
I guess, there's no sense of stable.
And guys workforce that are operating well in our own business and the improvements. We're seeing are really encouraging overall, the headline tree variety new down slightly but underneath that we've seen a significant reduction in recordable injuries and so you're seeing some of the business. There's a lot of what's going on but I'm really pleased with the privacy.
We're really starting to show that we're getting out.
Any criticism of security and performance across the business.
I will continue with the key priorities for this business.
Nice to be here.
I'll make a quick highlights look I think that probably the song.
Addressing our carbon footprint stands out in Oregon.
Having achieved net zero, albeit it's.
Some cancellations.
You bet, but our real focus from the team.
All the things that really make these calls to try and address the carbon footprint. Some fantastic work with forest Bankshares signings got assignments that we expected that we would.
Yeah. It looks like it took like a transaction that interesting final stages, now, but still continuing to work right.
Around our environmental impacts.
Yeah.
What's it like traditional ideas as well.
And I think more broadly out L. A is cheap framework with sprint we talked about on the last call as well as states whirlpool for I'd like to hear it.
If I look ahead I'm sorry.
Back on the FY 'twenty five.
On a whole lot you know a couple of Casey touched on first of all.
The results in Atlanta really disappointing.
And we've noticed that sort of the headline numbers.
We've achieved a lot it's been a lot of hard work through FY 'twenty thought and we had gone through a very disciplined review of that portfolio I think positioned itself for the future, but that hasnt been tightened some great competition.
It's impacted our people and I call those and of course that stay at home.
Through the year.
The place I wanted to.
Is that the market and we noted that 530 P. M N equals happening subdued through FY 'twenty five.
Lithium spodumene and calls of about 65%.
From the UN pri and equal benefit.
Or are you kind of go from from its previous time.
Don't know if there's not much we can do around that when we sell into those markets and not simply because the market will become more mature and more efficient as time goes on ultimately it's about focusing on what's in our control and that's magazine our costs managing our credit performance since IPO.
So I think we've made some progress.
So part of that but equally supporting has taken fragrances, perhaps help us now.
But in the United contained around even made some great progress on the Perkins across that business.
I guess I wanted to talk a bit about the.
You're getting payments that we've tightened this year.
They all went on them I don't think it's in a recognition of the ongoing challenges of that asset.
The issues that we see in the cost structure.
And I guess ultimately I view that they are reaching a pathway to acceptable long term investment returns.
We are ultimately accountable to you is that stay at home.
And we've tightened.
Can you walk through the numbers I understand the asset typically and.
You didn't get a smart context, and we didn't take those decisions lightly.
Clearly if there was that anything had did we'd be pursuing we're not when I'm silly, it's not something that.
We got them in my garage to cool off certainly in automotive smoke.
And so we've worked through that and ultimately come to those conclusions.
Many of you will have sustained very some comments in the media from our joint venture partner TNC around pointed out huh.
Clearly that had a different view on the viability and ctrip, yes, it and that sort of tied at the CIT is known about what their opinion is itself. We believe that all stepping out and as I said being accountable to ask that all of us as we work through that.
What we have.
Discuss the range of options, we're working through that.
There's been some very good conversations with with that joint venture partner.
And.
Stronger license.
That's he can't go for it because the decision that we joined it so I'm trying to kind of ongoing alignment so brave wishes.
Ultimately, we will continue those conversations and see.
It's acceptable.
Both parties.
I don't think there's much more of a science, where you'll have some questions, but I mean, there's not a lot more I can say well that's running.
If it works for them.
In this call or in any other broader public forum. It's it's equal that we would do that diligently respectfully and not once you've got something didn't work and then obviously share that more broadly.
We also took overseas substantial payment upon exploration assets and have really really great fit that hopes hanging in our approach quite a shift in strategy and she couldn't obtain salad attainment has impacted a number of ethane members and as I pulled out for all credits that have looked at them.
We're doing a great job at executing on the previous strategy.
We've recognized that wasn't gotta get hopefully they will change that and we felt the same brake parts of their own it or where you might see some tremendous progress and I'll talk more about small it's more of a lot of scope.
I wanted to touch on <unk>, because I think that's that's a really strong story you know that output.
Well, it's tough we were getting into these countries that Hawaii.
It would be typical because a number of characteristics that we worked through in the wider yeah. You know what he presented.
And the same types of through some very hard work taking place both in the mining and the processing to manage that to get supplies, where we look back on and.
On a fixed set of state second half was fantastic, but a really strong really stepped up and so that comes through the results and we feel like we've got a very solid plan looking forward to the end of the mine life.
Yes, sorry, that's 2026 kind of a year.
It's probably a cell site production stable operations and really getting the very best out of a generating as much that's possible is clear across the business to everyone's very aligned and working diligently on that.
But green bushes.
Set them on and discuss the strength of strength any asset that can deliver sandeep.
EBITDA margins at the absolute bottom of the cycle is extraordinary $1 billion of operating cash flow is just amazing and generate any cash yes.
Yes, we are still investing.
Yes.
The business.
But despite all of that stool pouring out cash just an amazing asset the best parties always see that full change. So that's still in front of US we are far from having that soft demand.
Very very strong opinion, Pfizer ran for all he's doing a great word pet shaping and prioritizing that program improvements and I think you know it's time guys, who can start to see that flow through in the components of that business are driving each of the assets to deliver the best making sure we're getting the ultimate best purchase as we can from HPT.
Deploy capital that we have that we'd really optimize that audience sort of that 40 speech series 10, 2030 years down nobody needs taken a long term view and then I think most importantly.
It's not new news I've talked about it several times is making sure that where we're a credit cycle that we're working extremely well with Canadian duties.
Well, it's all with the likes of stakeholders that are contributing well to the region and it's something that the broader rate's been very proud of is one of the biggest contributors.
The team units.
Across the world.
Supporting the energy transition.
Ultimately the strength of the market heats up if you like so.
And you know a lot of like I say, a lot to do it but equally we come off of an extremely strong base set up a very privileged ore body and a great business.
Joe will continue to supply our all support the joint venture and how it could possible way out working across a number of streams that where the talents and saying look the support that's that first priority given the Nam just how important that is in the future.
Sure the financial year, we also.
Fresh described being a pull forward of that I think that is.
Set it depends I shouldn't say something like brand, which isn't the boats there and equally our strategy looking forward I'll come back to that.
And then also being you know quite a lot of change in their own besides some of which I touched on is one of them. The last thought for the day, but they decided.
Steve.
You know always types of buckets in some scenarios. It is illegal for the team to say that feel that shined.
It can't criticize but we're conscious of that and working through it but I look across the broader leadership team and I'll ask you all and I'm Super credits with very very strong talent are working in a very long now we're investing in leadership development. What was your point of is taking decisive leadership in safety culture. We're investing in a garage didn't have a lot of it the same and all of that stuff.
It's a very good sign.
So a quick round up on some of the.
The key areas of progress across.
FY 'twenty thought leading into the numbers, it's all a lot of tenders out, but it's got to work through the launch then.
Thanks, Tom.
Right.
And all I can say behavioral finance go sell tickets from Cumulus reported make little tax taxes no activity.
Yes.
Quint chief impact satisfy some change that discipline.
Portfolio.
Wayne recording in cabinets, a 600 million.
And I think pulling at $605 million.
150 million.
Alright, you rationalize that I shouldn't be exploration profile again.
Limitation means that we can bring Nicholas Heisman creation, Okay, Nicola passing its parts of California.
When you reported and underlying EBITDA loss of 43 million underlying loss after taxes of 173 million we can play.
Possibly communication with parents CCI brilliant painful.
Based on the rate predictions, which have already nicely.
Hi, and I've seen a number of new and kind of any call outs or anything you can have a look at ordering we think without.
Our quarterly underlying not looks.
Looks like.
Right.
Predictions that we got it to this thing at this point you can see in 17 that quarterly.
And I think they churn craftsmanship results here were remarkable keep them out of context, one point in time, when it tends to fluctuate with chase.
For example, 25 dollar per time unit cost.
66 distinct nacho.
Point in time.
Routing kashmiris.
Okay.
Anything you'd take rate, which is expected to be commissioned at the end of a year.
Bringing all five country, what's playing out.
Okay.
And last year. He says Gee display broke that its lowest Halloween tonight that low realized prices and substantially all of the talk in spring Barsamian Cosmos <unk> here.
Huntington camera.
Yeah for Ashland's Craig's looks at night that helps because they've been puzzled by the underlying cash flow that all 140 million extra began.
Finally, our balance sheet remains strong.
200, <unk> really catch up.
Instead of $170 million.
<unk> hundred million Undrawn since they were faced with take rates on that side of it.
Slide five plants.
Total take very much because ive gone through all the contracts already.
Just keeps me with just how some of our handy space yourself, who came to Las Vegas.
If we go to slide six dislike fits a breach of our cash.
Uh huh.
We ended the year with 200 million, but she has like a paycheck.
And cash in the bank or any chocolate call out sort of a like.
We provide significant returns to shareholders during the year 100 pounds of sand.
I think it's going to keep it anyway.
Cracking catch.
At corporate and exploration spend will be well.
We will be lowering that gateway expense, resulting from the disciplined shaping of that business. During the year. We got an exploration expenditure. This thing takes off with Boeing going into FY, 'twenty, and you're saying your cases corporates thinking accordingly.
Okay.
Thanks Pat.
Okay, I wonder greenhouses that people want to eat title. It's a couple of key points on our called out yeah.
Firstly I mean, all the seats the fantastical Bonnie I said delivers very very live cost sports, who may only see ceased.
And now and again just conversations about processing, obviously out pricing is for me like depending on the full cross reporting agency.
And.
What you can see in the chart there on the left is.
Yeah, no not only so that she can get a part of English is not surprised since scribe, but when you start adjusting all comparing that with some other pieces in the market actually we're actually doing pretty well.
And yes.
That might be too surprised some people that realized pricing. Despite the fact, it's not sophisticated marketing or if it's a contract between data there's two big customers that type of product and based on what the market is doing we're actually realizing very good outcomes.
That comes out with great bushes.
Second key point I wanted somebody here its really the positioning and we know it's the lowest in that cost curve by a long shot in the hydro oxidize and you know that.
That's.
That's definitely a function of that amazing Oh boy I think the real challenge the great wall system.
<unk> not had as same abroad that are going to need thought when he says I want to be the lowest cost split it's all deployment pharma.
That's the best price and that's how we started to talk and see which is about challenging greenhouses to challenge the best brought them in the world as well and you can walk us through what that might look like and what that types.
Given the scale of green bushes and growth potential is still in front of us continuing to push those costs and challenge them and really to call out American public there were up to ourselves in time, whereas have tended to be more efficient and drive more production dropped interact complex, while we manage our capital and that will probably be the pulse is exactly that.
Cotton narrative O'connor challenge that I think makes sense for that because it's a very hallmark mine are very good very good changes lives and so they are pushing themselves to data.
Football and so we'll keep you all informed us as time goes, but I think you've seen that ships through FY 'twenty by broth comedy breakthrough medicines have you started to put some different aspirations your problem.
On THAAD, if we're there to support it and do whatever we can to help with that work I think he's he's got the credentials in the background.
And it will be up and then report followed that sandy improvement quarter by quarter. It's that's the fibers false.
Naturally and again, we talked about it it's the focus on delivering our full potential pull back you.
Cause a huge program of work starting with the ore body is equally understanding that probably falling that looking at the size of the pit shell.
The schedule.
The application of that slate, having getting the very best out of our Oh for and against it spiked in the mine and processing asset management reliability.
You don't change it doesn't go up.
You can argue it's somewhat spread tons, you're not just using existing capital on tour effectively.
All characters Istent recovery and improving.
Throughput patent outcomes from that point of view with another key I've commented on the I.
I guess, we've chosen again previously about.
You won't even have satisfied raw material.
Capturing more of it more of a waiting list of its going to titles, it's actually a very easy.
We intend to obtain my thinking about that how that reduced the bonds.
Drive the calories up filled up.
General operational management.
You probably have some productivity and getting called critical stay out as part of that as well.
I'm not trying to go through the detail of program that they give you the headlines I think a couple of quarters ago. We talk further on this it gives you a picture of what its ramped up broad progress with it.
Braskem patterning to drive that integrated product cross screen bushes.
From here I, just wanted to tie to Sydney.
Paying out a little bit too.
You know reflects on that strategy in 2025 was a very busy and very physical yeah. There were a lot of hot decisions I mean, it really widely at times.
The amount of change that we would work through we've had.
I really have to go through a disciplined review of that portfolio now that's evident with the top line that we talked about on forest. Obviously early in the peso caused molson and so on but there's also a number of other projects and saying destocking thesis, but honestly in the booklet equally impact people understand momentum.
That generates anxiety and uncertainty brought people in working through that front of mind and you guys have been at my time five policies of course the challenge.
I keep throwing back to a strategy with screen relates to September last year and.
So you just put it like this.
The chart. He just to refresh everyone that absolutely drive that focus and we still are convinced that we're on the right path.
At five or something.
It's a great books isn't getting the very best out of that beyond that we know that and we said that the team had died.
Commodity is very easy to put us in the world you need to be extremely cost competitive.
And very strong in the hardrock sites that they should pay for them and works for the cycle and so that's really full death rate, which is obviously is a is it kind of pinpoint that copper remains a strong areas of progress. We think that provide very effective because you didn't really seem to cause the volatility may go real quick.
The business in April and I agree, it's one of those fantastic team on ore bodies. Unfortunately, we don't have in obtaining another 10 years, but there are very few nickel sulfide mines in the world that on a Friday generating cash.
Certainly.
Non laptops in the bond market when it gets very difficult and that's the credit so the operating statement technical state mandates and the complexities of that.
<unk>, just a year and half to guard the compete the extra complexity and challenge the significant unless you get to that it's extended into the ore body and they're working through managing it extremely well, but beyond that I really struggle to see a lot of upside you can even think Nicole and that that's really just a returns focused how does that compare with other options given.
The benchmark for us allocating capital at thinking about pretty bushes and the amazing returns there so thats always top of mind.
We are doing a lot of good work to position ourselves for growth and for future.
Getting out of portfolio in China, because in China broadly and costs down it's all part of that and making sure that brings says you don't have possible potential and that sets us up for further drive type thing under the following slide which I think sort of drilling this out a little bit further.
Again, I'm talking about organic inorganic and what's out there, but you know internally if we looked at our capabilities.
<unk> continue to become a larger company and Alex pricing thinking.
You can proceed we've got outstanding talent there.
Strong in the field, but also to enter new spots and the.
The work that they're doing on lithium targets in Australia is excellent.
Prospective ground it doesn't speak and we're drilling several of them out through this year and then it caught up were looking internationally and there's a number of opportunities that they see boyfriend through and they're very exciting and you know more and more of it is five years. So very good very promotional very talking to folks are experts in making sure that the extent that adult.
It's very wisely.
The bug.
Focus on actually drilling no on a normal diet and driving out what is going on is there an economic results there or not is it is all part of it.
The big shift from where we were very large belt scale Greenfields exploration, which was very very very long dated and you know maybe just wasn't going to deliver that sort of outcome for our shareholders. So I was hoping you could get to keep Tonight I'm confident we'll be reporting some.
Positive outcomes from from that works for the upcoming.
Coming financial year, secondly, take people capability.
Australia is your home and this is deep exercise of expertise in that thinking in this space.
I'm looking at I'm pretty familiar when they list price the savings mineral extraction.
These these key commodities that are right now in that $5 I think what is called pop.
And Nicole, but others as well.
These capabilities are helping us unlock other opportunities that we see that growing.
Again, it's more that I'll talk about through the next the coming financial year, and then lastly, you don't get any broad scope.
We've talked about that a few calls it is not a primary area of focus.
On the first two.
To call out just to have hard it is to do that well and generate value for shareholders. So many deals despite the storms.
We're extremely disciplined out so your privacy, we ought to make anything is that the Nashville project level, where we can add value to what we would be a great partner the right Honourable Pato anyhow it.
It brings something material to the cycle also been trying to win a battle with our balance sheet and checkbook.
Looking forward, we will get into some Q&A and to seek but the priorities for 2006 I'll talk to a little bit great voices I'm not going to go out of the ground again, there's a lot to do there everything's working hard and making progress and where data what we can to support them.
Sure.
Talks susana might be sure that we're not spending money that you can that you had.
Working with outside partners to make sure while the business is running in its current form that work with metrics and that is as prudently as possible and more importantly, we continued conversations with TNG on.
What's the rock feature outcome for both parties.
Five years to drive as much that you would patch outside the state law pricing Street, and Cheetah exploration I'm just sold too.
We'll bring more into coming quarters, a real valid Pos mentality getting understand what's that.
Got it so to drill it out fully but make sure we understand.
Variety value and.
If we see more cars should be done and we'll move on.
And I'm, just trying to figure out with just talked to.
But just before I wrap up incentive questions I'll, just sort of foresight reflect someone's haim and thanks, a couple of people in particular, San Metallics now wrapped up even though either she was when the study is in.
Each contribution to our business throughout FY 'twenty five.
And obviously the east, but he up to that she was tremendous support familiar taught me settling tomorrow. So I think sample at work and wish him well.
Thanks, David Katz will leave at the end of the year.
Again, I'm going to be set up sort of a thought to mistake songs, but it seems up she's smiling.
But look.
We're well progressed with.
Our recruitment processes and will update you on that sort of run with the success of a psychotic from cats.
But in the same year, obviously, Mary and Brexit and the early and the pace and San Fran come along after that.
So you start with a couple of weeks' time, the deaths people and sustainability at the very high quality very type of Holden experience.
Leadership teams that have worked internationally woods cross multiple commodities have a local Friday experience soccer stadiums as well as we reported in the future.
With that let's turn up some questions and then we'll.
We'll come back to wrap up again.
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First phone question today comes from Matthew Freidman from M. S. T financial Please go ahead.
Sure. Thanks, Good morning, Ivan and team and.
I know you made some comments around this in your introductory remarks remarks, but I was wondering.
In relation to the chance you see ice racing comments I think he alluded to the fact that Oh sure hasn't.
Hasn't made any proposed proposed any variations to the JV arrangement.
Is that the case.
Have there been any proposed changes to the JV arrangement might end.
If not and size we used to have suggested then.
Why haven't you.
Why hasn't my G occupies any changes to the JV structure. Thanks.
Oh I got it thanks, Scott you'll get as I said, I don't Wanna getting promoted publicize something about those discussions directly even ongoing working through the issues of course.
Different bureaus or cannot standby our economic assessment.
It's pretty well.
Well I think it's a strike what it likes to watch spreadsheets to work back to what you have the delayed cause it to 19 each over time whatsoever.
To make a return that warrant putting put the capital in them.
I really struggled with let's say out of the U.
You can see all the different view that's their prerogative.
Oh it does.
How would that fit into it.
There is an open conversation, it's very constructive working through it it looks like you have been for some time I've stuck to your telephone companies for their own I'll look for what the media space.
No I appreciate that and thanks for the commentary.
Moving over to them I guess that FY 'twenty six gardens that you'd previously provided around green bushes and since you paid cherry ramp up I'm just wondering if there's I guess.
Any more clarity around that outlook and I guess, the budgeting timing of when the JV will actually kind of decided on 2026 numbers can you give us any indication of when that actually will abate and then and then I guess in that context, and noting that I believe winfield paid the dividend in the fourth quarter.
Uh huh.
25 mm yeah, what's your expectation of how the JV is going to think about that that cash position and Winfield currently in and how that changes your volume shrimp often St. Jude pay trade spend falls off into 2026 things.
Yeah, I've got a couple a couple of points, namely some additional patches I think there's just not a 600 million really sitting in the bank.
You know as you're saying, we'd be able to hang on to cash and capital to moms certain rent answer it by 26 sorry.
That will roll out in due course.
Hey.
That's really not the big issue, there's nothing more to see there.
I would imagine it could be that somebody incurred.
That plus steroid naturally does that.
Drag on any given in this pie from wheat fields like I used the demands at banana slices on them, which is why it's important for US again, we're working through that with sense of urgency religion.
Religion.
Totally understand their accountability almost there and we're working on that is yes.
It's possible.
And then deal that are flowing out so the suture elders appeal you guys saw it that's now if somebody once said to be honest about that as quickly as possible coming back, saying, so Greg listen and where they're at.
The dry plants crusher grinding circuits.
Especially now that run all through it but it goes into the stockpile Guy well our web font is still in construction.
It's still progressing to the end of the year going forward for that as we saw in parts.
But.
Because it has to be pretty shoes that somewhere in the last few months to put a point that it's been a little bit more normal, but certainly unusual philosophy would be Matt Ryan pad, which is very good ironically a year ago.
Looking at same levels and order levels for English as of now it kind of a different problem button.
Team's working hard at Heathrow and.
It can be seen things to stave off a running dialogue, but we'll get through all of that wasn't allowed more of the same trends there on the web font that comes out how sort of Anadarko.
Do you have any changes around that sign up as quickly as possible.
You could try and apply a lose a crystal ball and knows the market abuse.
Bob Young Nathan I think every year every month is a different view from from the experts.
Well I think we need to do is try to guide you in so many.
My voice and.
[noise] analysis suggests that every time, we can produce out of Greenville should be better.
Great getting those assets online early and running well also manages costs better.
Okay.
From my point of view on until they stabilized.
So that brought bad debt.
That's the plan, let's table will ramp up that asset.
Yeah.
So from our side kind of as quickly as possible.
Normally the ear of books, again, and I said that online and running well.
And that's I guess that's it.
The pull in bulk as we get further into it we will give you more details in the upcoming remotely.
Okay got it thanks for your comments oven and thanks Cassia contributions.
Thanks, Matt.
Thank you. The next phone question comes from Levi Spry from UBS. Please go ahead.
Oh, I haven't I'm, saying, thanks for your time, sorry, I might have missed some of that they tell them that last question, but sorry.
In terms of the optimization process, that's ongoing and grain bushes.
Whats the deliverable timeline for fun for Us I guess in terms of.
Starting this thank you have some detail into the market.
Oh well.
No I think the first occasion level is of course to low cost and of course topics, which.
We're also working on that that's what's happening right now I mean diet.
They bring fiber miles a month.
Our productivity across the business the thoughts of the demand as you can imagine, but seamless and processing plants as well and we see lots of.
Good momentum about equal as lots of upside.
The broad they brought a piece of what sits behind that which is more complicated than east type of Todd is the overall optimization of the ore body thinking through what's the best way to manage that resource.
Or is it reserves and get it out margin process been into our customers' hands and optimize the value accordingly to that.
What's happening.
As we get through sort of these elements will be able to report obviously in our actuals Besides Chuck of Poland and then.
You know when it gets into a logical point.
That's true with the JV partners and see how best to share that we've got more pockets of market I don't have a diet as ive sort of said before with some particular Palestine.
The shoe at him.
I don't want that type of why will they do any impression that lets take off working flat out on that progress.
Okay.
Okay. Thank you and then just in terms of the rehabilitation.
Specifically thinking about nickel, but maybe elsewhere.
When does that turn into cash should we be modeling some some.
Cash flow yeah, sorry.
Let me comment briefly first if someone brought up the picture and then testing into more specifics of these trade talks to that provision obviously not the first time you cosmos.
That of course, dying because we increased the provision both full course, danya, albeit that would get adjusted.
Adjusted back where you got some type of transaction with medallion, but its just prudent what we'd call them sort of done an assessment might be adjustment to that but I think it's just sorry. So that's the that's sort of integrity about finance thing and our prices taken looking into these things.
Cosmos is on a much more long dated and we got to think about the mutual laboring sort of honest itself typing a view on our nickel mine cosmos, but they resolve for activity in the animals.
And it's not like neither which doesn't have not even thought doesn't have all the inherent value in the radio side.
Or does that kind of a call. It a dirty bomb soon is very we will complete relevant continuous for APAC, where it makes sense.
And we will continue to reach out and revised the cordial and rehabilitation estimates because most but it's a little further out so I think type of why it would be specific to your question on cash it's pretty negligible if at any time, the real the real area to Fox sniper that.
That's in line, where we see that anything at the end of next year, the recycle ore body extensions or options or all the things that we can see someone find something in the meantime, it's great. We think that's unlikely so we intend to give our strike zone.
Can you remind me excited like money on that sort of a holding pattern.
That finding he's on the why the abilities on the why we've got a very good team on doing a great job of assessing how best do that some of the assets will be solved or $10 a visit.
Right type runway out there, it's probably the most easily runway in step with the Wi.
Right.
The campus, which is obviously the asset oriented thinking adults.
You had pretty good pull it off so well work through that we made an adjustment as you can see in that space and we'll tighten that up as we finish the feasibility tend to converting that to cash I mean, you would expect that you would start to see some space from bulk forget problem now, but you thought that would ramp up through 2027 S. Forgetting.
The bodies or whatever but ultimately this activity happening at the state.
Okay.
Got it all right. Thank you.
Thanks, a lot.
Alright. Thank you thanks guys.
Thanks, a lot.
Thank you. The next phone question comes from Kate Mccutcheon from Citi. Please go ahead.
Hi, Good morning, Ivan and Kathy just a quickie.
Counting question for cats, So I guess, we don't see P. S.
Provisions in equity gains or losses.
On July <unk>.
So just maybe what is the rationale for that.
For another contract in place.
I'm sorry to repeat itself. So let me just make sure I got the question.
You were asking about the race happening why it drops down to align with that right Pat.
I was just making the comment that.
Yes, we do.
Don't see that includes rehab.
Changes in the EBIT.
Same with the.
Equity revaluations.
I can't say, we're pretty crazy stripe tweet out accounting at the timeshare and then many of them.
Sure.
Hi, Thanks.
So for us.
That's why I am sure you know.
They are getting choice. So if you actually okay.
Can you shed any of them.
Got it thanks.
Depreciation and amortization.
Yeah, I think that's information and they've done some equity as part of our business and that's paying off depreciation interest.
Inspection side I I grant.
I think the big Brown paper filling up that way just thinking black wax from accounting perspective.
Okay.
Thank you.
Oh, sorry, sorry, so really bullish.
It's not a point previously obviously, we did some positives in that accordingly.
Since we got it right. We just had to face some of the work and it'll get taught this big Guy, but with now obviously I cannot forbidden often.
Adjustments that you see here EBITDA tends to be grateful for all of the quarter pole.
In the Tyson.
And you know, we'll continue to refine that obviously, there's a likely adjusted again for forest I know in the other direction.
Right now we got.
Thank you. The next phone question comes from Hugo <unk> from Goldman Sachs. Please go ahead.
Morning, Ivan in Cats.
Congrats on that for you presume then just following up on your previous questions great questions. After my interaction studies, probably more second half FY 'twenty calendar 'twenty five.
Pushed out with too much but I guess to some extent today given about sustained like can't process Youre budgeting.
Okay.
Jamie this stuff and how do you think about the timing and distributing that Tara.
Just given your capital management framework has that liquidity.
Yeah. So you got to look at a time got on dividends I mean, a lot to them on a pan I won't give you that but.
You know you can see the cash that's accumulating and winfield and that sounded pretty boring grades right.
As far as the capital comes down but equally is.
So there's some.
Some songs.
Copper it, albeit I suspect that multimodal [laughter].
But to be honest that's out of town.
I mean, that's thoughtful for a business like ours.
We see stops fantastic margins.
That's true.
It's pretty dependent.
We feel globally, we will obviously work through its dividend.
Of course, the all the cash that it is.
And Kelly I see.
With the Yodlee.
All of the burden or other reasons to spend money.
Coronado and that would be.
Got it.
Audits and work through what that's likely to be the.
The rest of the money that comes out as dividends to Watson with alcohol to manage the problem with CLIA waived will 10 nanometer returns per assay all of those very quickly when the fetus Pseudomonas.
And as you know we've taken a prudent view without dividends this year.
And nobody to or you go to the dividend, we've got a modest cash balance still some uncertainty on the market.
And.
I think that just places us in a strong position with a balance.
As as the money stuff coming through and we start seeing some more signed with coverage of the market essentially that can change very quickly.
Got it thanks, and then just one for only on strategy.
Don't Miss the forest.
Fraser range.
I think coming to an end how do you think about sort of extracting value out of a darker and I'd call. It infrastructure.
Exploration portfolio is there anything that's dying Sam office prospect there.
Yeah, No look I mean, there's nothing more to say other than I'll ever other than what we've got it up and you've got a long list.
This incentive.
But then I had to call sort of end of life in that way.
Given this is the direction on the part of job that would hit the bottom.
That's really just you know Robyn fall well to the page.
Solid Cosmas east perspective to really get you can send them a very very interesting.
Got it.
<unk>.
And you know it.
Yes, no that neither bogged down with Pepsi valleys visually you can see what people.
See the bond from the top end of that sentiment.
They'll be on the other side of this goal.
Nicole the data's been call up almost 10 of them and so we are working through that its not about.
Maybe pharmacy model. This is what he says skull.
That's relative to the basketball that I could quantify that amount as far as that all suggest you're going to be a gold company, Bob well, it's I don't really like the fact that we're gonna title.
So that's that's all work that's underway right now and as you have more clarity.
We'll give updates.
More broadly on X price and so it's been really good work happening nothing that I'm going to report on credit I mean, there's some some material and annual reporting squamous sports right.
Some guidance as to where our money is going where we think there is some intangibles.
Tangible value.
Probably not really discuss too much debt is that part of some generative activity called hot outside of Australia.
That's progressing well as well, which I'm really pleased with that.
Thanks.
Thanks Hugo.
Thank you once again to ask a question via the phone. Please press star one on your telephone to ask a question via the webcast. Please type it into the ask a question box and click submit.
The next phone question comes from Austin Young from Macquarie. Please go ahead.
Thank you Marni Island team just a quick question I noticed in the presentation.
Lots of that being organic growth and so on.
Three key pillars for the growth going forward I'm keen to understand given that you're still kind of a walk haynesville just chatting just had a cleanup.
Is that a condition that you'll need to resolve Quintana before you kind of pivoting to more growth. Thank you.
No I don't think so I mean that there yeah, the weapon, but on or it's just.
That's a critical priority in fragrances is number one that I'm with food.
You know, we absolutely finish that work and that's been a focus for some time.
Inorganic product, it's extremely hot and black box.
Those are my comments.
Think about at the project level part investments, where we bring value where we could do something to that our partner every safety kind of cheap on their own that's the kind of thing.
Are you, adding activity that we have focused on.
So we'll continue that work has idea is out of the many years Ikea has delivered some very successful outcomes.
Its 25 year history, and that's always out there that's an option, but it's certainly not the top priority.
Thank you Evan our Pottsville.
Yeah.
Thank you at this time were showing no additional questions I'll hand, the conference back to Ivan for any closing remarks.
Great. Thank you both for you and go through all the questions inside of DIY.
I think some of you drop off to two other coals and are busy diet, Ted thanks for listening and I get that one site environment. It just stands out as stay at home for their support through this period not being in the business to start driving months now it has been hard on there's been a lot of challenging decisions to tie a lot of issues to work through.
I think we've demonstrated real disappointed in how we work through the portfolio projects.
And work to reduce that cost and position themselves for the pizza.
We've got a very clear strategy and a team that are working on them are doing an outstanding job.
Huge amount of conviction and confidence in the work with some on the why and I think that's gonna brace really.
Very positive outcomes in the future.
The priority is around brand, which is a absolutely clear the value that we can unlock is extraordinary.
It's just starting off when you have such a world class low body of the semi soft side I'm still pretty full potential.
Fees are running extremely good on pricing.
The job, but it means they were limited potential upside in terms of the productivity and so on and all of that the ability to unlock those options at grade, which is very exciting, but we're talking about I want to go out of the ground in depth, but we.
We do standby, our economic assessment, if I'm, saying that I think there's some great big Macs on it's pretty hard to tell I think that you can generate the appropriate return how does that asset under any conditions.
Believing that he thought that all 40 toll of chocolate keel out it would be and which we don't but if you take the prostates and roll. It forward if you take the costs.
It could be a hospital, you're still struggling to get plus but that's our second priority and then beyond that looking threat graph.
So I'll wrap up there and thanks for your support I look forward to sharing results through FY 'twenty six as well as with my part Chris. Thank you for joining.
Yeah.