But it is rapidly becoming increasingly difficult for the advanced tech manufacturers to do without. On that note, I will let Mick Adams and Richard Seville introduce AEM and go through the presentation, which will be followed with a Q&A. Mick Adams, Richard Seville, the floor is yours. Thank you, Anthony. My name is Richard Seville. I am the Executive Chair of AEM. Some of you may know me from my previous history with Orocobre, where I was the founding Managing Director and stayed there for 12 years. In many ways, this is analogous to the Orocobre story. It is about a refined product that goes through qualification and is key input into the modern economy. On the slide that you see there, you can see a picture of our plant in Cap-Chat, in Quebec. Behind that you can see the wind farms. Quebec is a source of a massive amount of renewable energy, and the government is at the moment putting significant investment into increasing the wind power. Let us just move on a little bit. Company overview. As Anthony said, we are a producer of high purity alumina from our commercially sized plant in Cap-Chat, Quebec. Our plant has a nameplate capacity of 2,000 tons per annum of 4N+. Just being to definitions here, what N means is it is a nine. 4N is 99.99% purity. 4N+ is more pure than that. We can go up to 5N purity, if we work hard at it. We have also developed a process to produce an ultra-low alpha. Alpha is in alpha particles, HPA, with the uranium and thorium levels down to less than one part per billion. We are serving the rapid-growing global demand of industries such as semiconductors, advanced ceramics, thermal fillers, and synthetic sapphire manufacture. From sales last half of 12.5 tons, we are expected to increase to 40 tons-60 tons in this current half, and we are on track for that with accelerating sales growth through 2027. The 4N+ circuit at Cap-Chat is expected to reach full capacity, full ramp-up capacity, at the end of 2027. We have also got a 3N5 circuit, so that is 99.95% purity circuit, being added at the moment. Longer term, we have plans to double the size of the plant to 6,000 tons, potentially from 2029. At 3,000 tons per annum, full production rate, the plant will be the third largest HPA producer outside China. CM Group, who did the work for the prospectus, that is Alan Clark, a very, very experienced alumina and aluminum analyst, economist, have us sitting at the bottom of the cost curve. This is rest of the world quality within Chinese costs. We benefit from a number of things there that drive us there. I will highlight at this point in time the AUD 0.05 a kilowatt hour, less than AUD 0.05 a kilowatt hour we get for our power, from Hydro-Québec. Also because of that renewable energy, it is 98% renewable energy for us, we have leading Scope 1, Scope 2, and Scope 3 emissions. We basically got zero Scope 1 and 2 emissions, and the only emissions that come with our product are from the Scope 3 emissions, i.e. our feedstock. That is all about the physical assets of the company. What we have also been working very hard at is developing the commercial side. Currently we have 225 projects in the qualification pipeline. We talk projects because that is a customer with a particular application and you are being qualified for that application. Just to provide that definition. Then if we look at the two more advanced qualification stages, we have 18 projects that are qualification complete and in commercial relationship stage, and 38 projects sitting in advanced qualification trials. Those are industrial trials where the productive asset is taken offline and allocated for your trial. That is the company overview. I will pass over to Mick Adams to take us through the detail and then you will hear my voice at the end in the summing up. Thank you, Richard Seville. I will start by talking a little bit about the market for HPA and the application it is sold into. It is not a well-known material, but it has extremely important applications in a whole range of, shall we say, modern economy activities. The biggest use for HPA at the moment is it is used for manufacturing synthetic sapphire. Synthetic sapphire, a big application for it is in the substrates for LED lighting. It also has important applications in defense, and in high-end jewelry as well, as well as for sensors in smartphones and other electronic gadgets. The big growth market for us is in electronics and semiconductors, and I am going to speak a bit more about that in a future slide. I will not say more on that now. Some applications in batteries, and generally in advanced ceramic applications, medical ceramics, transparent ceramics, polishes and coatings, and also other elements of LED lighting. Along the bottom of the slide there, you will see the forecast growth for those four sectors in terms of their HPA demand. Generally running at 10%. Those are figures that CM Group, who Richard Seville mentioned earlier, came up with. We are seeing stronger growth than that now as we are beyond 2024, particularly in the semiconductor sector. If we go to the next slide, Richard Seville. There are applications for HPA throughout the semiconductor fabrication process, starting with the wafers, the silicon wafers, on which the semiconductors are built up. Alumina has been traditionally used in the etching chambers for wafer fabrication. But recently, the purity of that HPA has increased because of the move to smaller node sizes on the chips. The impact of that is to require higher purity to increase the productivity of the production of those wafers. HPA is also used for polishing the wafers during the fabrication process. Then once those wafers are produced and need to be packaged, there are emerging applications of HPA, particularly in translucent ceramic carriers, which are used to carry the very large chip assemblies that are being put together for use in high-end, high-compute applications such as for AI, and data centers and robotics. The carrier there is a reusable material. It is used to support the package whilst it is heat-cured to prevent the package from warping. The other big area for HPA is in the heat management of semiconductor packages. The industry has moved from using silicon as its heat-conducting medium to alumina, because alumina has a much higher heat conduction capability. With the rising density of computational power within the chip generating more heat, you need a better heat conduction system to take the heat away from the package. There is a very interesting application there for high-purity alumina that has extremely low levels of uranium and thorium, which are elements which emit alpha radiation. If you do not have those very low levels, the alpha radiation can interfere with the operation of the semiconductors. We are one of the few companies that can produce aluminas with extremely low levels of uranium and thorium. Next slide, please, Richard Seville. So where is alumina made and who makes it? China is by far the largest producer of 4N HPA, 4N+ HPA, but all of that HPA stays in China. It does not get exported, and it goes almost exclusively into the LED manufacturing supply chain, which China dominates. The biggest supplier outside China is Sumitomo Chemical, and they are very much the international market leader and the company which we benchmark ourselves against. They have a capacity of around 6,800 tons today, which is split between operations in Japan and Korea. Sasol is also a significant player. They operate predominantly out of Germany, but targeting a slightly different sector to those that we and the other people on that chart on the bottom right are targeting. Baikowski from France, also have a plant in the U.S. Then us with 2,000 tons of capacity, we are currently sitting number four in the international ranking. As Richard Seville said, when we increase to 3,000, we will be third. If we realize our stage 2 plans to get to 6,000, assuming there is no other capacity coming online with those other companies, we will be neck and neck with Sumitomo Chemical. Next slide, please, Richard Seville. The market for HPA is in short supply now. This chart was produced by CM Group for us. The rest of the world supply, which is really what we focus on, is shown there in yellow. That includes not only us, but also Alpha HPA in terms of what their plans are to bring capacity into the market, slightly earlier than it turns out they are actually likely to deliver that capacity. But in any event, even taking account of us and other sort of newcomers, the market is forecast to be in deficit, or imbalance between 2026 and 2029, and entering deficit in 2029. We actually are experiencing supply shortage, or we know our customers are experiencing supply shortage now. This supply crunch is real. It is not something that is just out there based on what the experts are forecasting. Next slide. In terms of pricing, it is very important to understand that HPA is not a commodity product. It is a very specialized material that we customize for each of our customers' particular needs. We sell on performance, not price. For that reason, the product commands a high price. Again, these are figures from CM Group, but we feel very comfortable that they are reasonable. Today, we have an average selling price of around that $32.5 per kilogram mark for our standard 4N5 powder. Because of this high customization, the need for particular performance, we have to go through very extended qualification processes with our customers. Typically, those take around two years, but we have had some customers who have taken longer. Some sort of act within 18 months or reach a decision on who they want to use within 18 months. The process starts with laboratory trials. We provide our samples with small quantities of material for laboratory trials. If those go well, then the customer will move to performing industrial trials, larger scale trials, where they will actually manufacture their product. Often, typically for us as a new entrant to the market, this is a new product that they are bringing to the market. They will then, once they have manufactured that product and it has satisfied their needs, they will normally supply it to their customers for them to qualify as well. All of this takes time before you secure your commercial relationship, time and effort. But once you have gone through that and together with your customer, you have developed a very sticky relationship with them, there is a strong disincentive to them in terms of not supplying, not switching suppliers. Once you are in their supply chain, unless you do not perform, you will stay in their supply chain. Next slide, please, Richard Seville. I will not dwell on this. This just shows where CM Group have placed us on the cost curve. We sit down amongst the Chinese producers. Our international peers are producing at a much higher cost. We attribute that position to the cost of energy, our cost of energy, which is extremely low by global standards, the efficiency of our manufacturing process, which is proprietary to us, and the fact that, being in Canada, our labor costs are moderate, particularly if you compare them with in the U.S. and many other Western countries. Next slide, please, Richard Seville. Next one. Our production plant is in this place, Cap-Chat, Quebec, which is at the mouth of the St. Lawrence River, about 800 kilometers drive from Montreal. We operate an R&D facility in Montreal, so those are the two sites from which we run the business. We buy our feedstock from Rio Tinto whose Saguenay plant is just across the St. Lawrence River from us. We buy an intermediate product from Rio as our feedstock. We like being in Canada, politically stable, educated workforce, moderate pricing. We have both access to feedstock and electricity, and we get good support from both the Quebec government and the Canadian federal government as well. We believe we have many advantages to being operating there. Next one, please, Richard Seville. The Technology Development Centre in Montreal is a very important part of our business. It is an extremely well-equipped laboratory staffed by 10 postgraduates who are all working on developing new manufacturing processes for us. They originally developed the process which we currently run, but they are looking at ways of enhancing that and also conducting research into other ways of manufacturing HPA. A bigger part of their activity is in developing products, working with our customers to develop the products that best suit their needs, and there is often very close collaboration between our team and our customers' R&D teams. This allows us to, of course, produce products where we get in early with our customer, support the process of winning their business, and even more firmly cementing the sticky relationship that we have with them. Next slide. We have what we call our Stage 1 project, which is what will deliver the 3,000 tonnes per annum. That is now well advanced. There is other work going on, but we are on track to hit our targets, move from 2,000 tonnes per annum to 3,000 tonnes per annum on program. Next slide. The Stage 2 project, which we aim to add another 3,000 tonnes per annum, which will bring us to a total of 6,000 tonnes. That is currently at feasibility study stage at the moment, and we will be concluding that study soon. We conducted a pre-feasibility study prior to that, and we show on that slide some key financial metrics that we developed from that PFS. You can see that if you work through the numbers there, that we have a very healthy or very robust economics for the project. Once it is running at full capacity, it will be generating, depending on which of the price points we take, and we have used CM Group current pricing and long-term pricing to look at this, we will be generating EBITDA of somewhere between AUD 47 million and AUD 85 million on margins of 74%- 84%. Those figures are pretty much a proxy for the economics of our Stage 1 plant as well. They are slightly better than for Stage 1 because we are spreading overhead between Stage 1 and Stage 2 for those calculations. You are not far off if you use those figures to assess where we are in terms of where we will be when we get to full capacity of Stage 1. Next slide, and the next one. We operate a sales model which is very much led by our own in-house sales team, who are distributed around the world, predominantly, however, in Asia. At the moment, about 80% of our business prospects are in Asia, between 75% and 80%, and that is really driven by the interest from semiconductors and the fact that Asia, being Japan and Korea, China, and Taiwan, really dominate the semiconductor supply chain. We operate with offices in Tokyo, in Taipei, and we have people in China as well. They work closely with our distributor network, particularly in China and Japan, because typically our customers prefer to work through distributors rather than directly with us, although we have some direct relationships, too. In Taiwan, we are selling direct to our customers. We have salespeople in Europe and North America, too. But as I said, the focus at the moment is very much dominated by Asia. Next slide, please. This shows where we are in the build-up of our pipeline. As you may recall, I talked about laboratory trials, industrial trials, and once we get through the industrial trials, then we are in a commercial relationship with our customers. The chart here shows how the tonnage associated with each of those categories of project has built up over time. When we talk about the tonnage, this is what our customers are telling us they expect to order when we are qualified and when they have fully ramped up their own supply production process. You can see from the chart that in our total pipeline, we currently have about 6,500 tons per annum of material on what we call an unrisked aggregated basis. Of that, we have 169 projects in industrial trials right now. We have 18 projects qualified and in commercial relationships and 38 projects in industrial trials. All of those have grown since July. Indeed, they have grown consistently through the year. A very important statistic for us in terms of looking at where the business is going is that our projects that are in commercial relationship and industrial trials has grown by about 60% since the beginning of this year. Now, once you get into an industrial trial, it is extremely likely that will eventually turn into a commercial relationship, because once you get into an industrial trial, your customer is spending a lot of money on the qualification process they have to go through with their customers. We would expect, at the moment, we have not lost an industrial trial before it has become a commercial relationship. We would expect all or nearly all of those industrial trials to convert to commercial relationships. Next slide. I have alluded to some of this as we have gone through, but there are some trends which are really driving growth in the market for us. The supply crunch is coming. One of the major incumbent suppliers is running at full capacity and is rationalizing its customer base and telling customers they cannot supply them anymore, or they are rationing product to them. With no material capacity expected to come on stream worldwide until 2028, which is when Alpha HPA are saying they will start producing, there is a real concern amongst our customers about being able to secure the supply they need. That is obviously a very good tailwind for us in which to be selling our product. Semiconductors are driving the demand, and with the huge growth of AI and the need for data centers to support AI, and with robotics following on from that is producing a real upsurge in demand for 4N+ HPA. We have also got geopolitics having an impact as well. China is now looking to produce its semiconductors using much more Chinese content independent from U.S. technology, but the Chinese HPA producers are not able to produce the quality that is needed for those semiconductor applications. Right now, there's a window of opportunity for us to sell our product into China, and we're getting very good response in that market. Along with that, you've got Western efforts to delink their supply chains from China. As I mentioned, there's not much, virtually no HPA being exported from China into international markets, but there's a lot of sapphire. Particularly where that sapphire is going into defense, there are now moves to delink from China, which means there will be more sapphire manufactured in the West, and that's opening up more market opportunities for us, and we're already engaged with a number of sapphire manufacturers in Europe who are looking to ramp up their capacity for defense applications. All of that's fed through into stronger engagement with Chinese customers. We're seeing a move towards higher purity, very much driven by semiconductors. Because of the supply shortage, we're selling into a market where there is tightening pricing. Next slide. Who are we? Richard Seville, you've met. Me, you've met. Richard Seville is based in Australia. I spend most of my time between Quebec and Asia, covering both the manufacturing operations, R&D operations, and meeting with our customers in Asia. Alexis Clark, our CFO, is also based in Australia. Then we have a strong team of SVPs reporting to me in Canada. Human resources, production, and asset management, sales and marketing. Sales and marketing, Daniele Fregonese, he isn't in Canada, he's based in Europe, spending a lot of his time in Asia. Ebrahim Alizadeh is our technical services guy, developed the technology that we're using, and is an extremely knowledgeable chemical engineer. Jean-Nicolas Beaudry, who joined us recently, is responsible for our corporate development and strategy development. With that, I think I'll hand off to you, Richard Seville. Thank you, Mick Adams. Looking forward to our outlook. We've provided guidance that in the second half we will produce 40 tons-60 tons, sell 40 tons-60 tons, and that will accelerate into 2027 as existing qualified customers complete tooling up, and customers currently qualifying AEM's product complete their qualification process. Things are very much picking up right now. If we look into the second half, what we're expecting is a growth of sales. We're expecting an increase in commercial relationship and industrial trial stage. That's the building block for sales. We'll be adding some additional distributors as well, and I think we've already done that, haven't we, Mick Adams? Yes, we have. Yes. Continued trials of the ultra-low alpha capability and potential to start commercial orders. That's a timing exercise in particular. We've found particularly, we've had a lot of interest in this ultra-low alpha product. We're adding additional milling capacity and associated equipment. That's very much about the trend to finer particles and finer particles making better product. The customer's demanding improved product for more demanding applications. That's a general theme, I think, in the sector. We'll be adding or completing the adding of the 3N5+ circuit. Another thing to keep your eyes open for is the finalization of the stage 2 feasibility study. If I can go through the investment highlights. We are an emerging leader in HPA. We have an innovative process capable of producing purities up to 5N purity and ultra-low alpha HPA at less than one part per billion of thorium. Commercial scale capacity of 2,000 tons per annum at Cap-Chat, with plant modifications completed in the first half of 2026 to enable commercialization of the low alpha product. We have a patented process powered 90% by renewable energies at less than AUD 0.04 a kilowatt hour. We have a local feedstock. We're forecast to be at the bottom half of the cost curve, sitting there amongst China. China produces at the lowest in the rest of the world, and only producing 2.8 tons of CO2 per ton of product. Industry-leading. Strong industry tailwinds. One thing I learned from the lithium days is it's so much easier in life to have the wind behind you than in your face, and that's exactly what we have in HPA. The market is growing. Demand's growing strongly. There is undersupply looming on a sustained basis, and we feel it right now. That supply crunch is real. That's an ideal time for a new market entrant to enter the market. There's limited production coming online, so Alpha HPA is the only new source in the near term. If you look at the supply and demand curves, we still have a sustained undersupply from 2029. Very, very good market dynamics. We had sales of 12.5 tons in the first half, up 85% on the PCP, and orders of 17.6, so some carryover. We realized AUD 25.40 through that period. As Mick Adams pointed out, what is our main product as we grow is the 5N powders, and they're sitting at a high price point, so very happy with that. We're expecting sales of 40 tons- 60 tons in the second half. We have 225 projects in customer qualification, up 50% from January. The ones we— I think it is our new key metric internally is the combination of the customers' industrial trials and commercial relationship stage. We are currently sitting at 56, which is 60% on January. That stage, or both of those stages, is before they go into commercial ramp-up. The ones who are in commercial relationship are already in commercial ramp-up or just about to go into commercial ramp-up, to be precise. We are well-funded. We have just less than AUD 40 million in the bank. Sorry, AUD 24 million in the bank at the end of June. We expect that to see us all the way through to positive cash flow. We have a great team of people. Very pleased to be part of the team and the quality of that management team in Canada, I highlight as being one of the strongest that I have worked with. It is a good story, and thank you for your time. Great. Thank you, Richard Seville and Mick Adams. It clearly is a great opportunity here to produce a material that is rapidly essential to pretty much everything we see in our modern lives. A couple of questions I have. One is, given the supply dynamics, you must have extremely good contract terms. Are you able to give any granularity into the length of contract or the type of contract that you are able to sign right now? Mick Adams, do you want to answer that? Yeah, I will answer that one. So traditionally, our customers, where they have been operating in a market where there has been plenty supply of HPA, have relied on these sticky relationships really to secure their customers and have ordered material from those suppliers when they needed it. What we are now seeing is with the shortage of supply, they are becoming much more amenable to signing longer-term agreements for supply. Given that many of our customers are because we are getting in early with them and they are not sure how their applications are going to grow and therefore how their demand for HPA is going to grow, we are not able to enter into, should we say, hard and fast long-term contracts on a predefined volume for a number of years. What we are being successful in doing is entering into what we call supply framework agreements. which are partnering agreements really, which commit AEM and its customer to work together. Typically for five years, this is a typical length for these contracts, to make sure that we always are in a position to supply them with the product that they want, and that they will share with us their needs regularly so that we can plan to supply them according to what they tell us. The commercial terms are set out in those supplier agreements, all the commercial terms apart from the quantities. The price is set on an annual or semi-annual basis. on a negotiated basis, on the back of indicated volumes for that period. Then the orders are triggered, the actual delivery is triggered by a purchase order, which is issued in accordance with the terms of the contract. So effectively, we agree prices as we go, agree prices against indicated quantities as we go along, and then they order when they need it. within that framework. Questions come in from the audience. They want to know what's involved in scaling up the process from 12.5 tons to initially the 2,000 ton per annum level, and how long is this going to take, and what challenges and constraints are you facing? I guess in more generalized terms, this is an execution question. I'll sort of couch it as well in how confident are you in being able to execute to the 2,000 tons and beyond? Okay. Shall I answer that one too, Richard Seville? Yeah, okay. You're muted by the way, Richard Seville. We operate a three-stage process, and the first two stages produce what I would call raw HPA, and then the third stage is tailoring that raw HPA into the product that our customers need. Within that, when I say we have 2,000 tons of capacity, we have equipment that's able to produce 2,000 tons per annum in those first two stages. But as we noted, in the last stage, because the equipment that we need needs to be matched to the demands of the market and the types of product the market is demanding. We are continuing to invest in more equipment in that last stage. We don't have 2,000 tons per annum of capacity in that last stage because today we don't know the exact product mix that that will be. But we are very comfortable that we have the capacity in the first two stages, and we've run it at the levels of production that we need to run at a constant pace to be able to produce 2,000 tons per annum. It is purely a matter of ramping up that equipment and running it more intensively, and there is no technological risk to doing that. As we work the equipment harder, we will need to make sure we maintain it properly and all the rest of it. But we do not have any fundamental concerns about the capacity of our plant in those areas. In the third, as I say, we need to put more equipment in, but this is bulk standard equipment that we buy. There is nothing special about it. It is just making sure you are buying what is needed. And short lead time as well. Yeah, and short lead times. Yep. Yeah. What levels of intellectual protections do you have around the process? We have about 50 patents active at the moment, slightly over 50, which go to many parts of our process. Most of them are around how we purify our material in the first stage. The first stage produces a very pure aluminum chloride material. The second stage changes that aluminum chloride into aluminum oxide, alumina, which by the fact that the chloride going into it is very pure, means the alumina coming out of the stage 2 is very pure. Then, as I say, it goes down to what we call our tailoring circuit. The real IP is in that first stage, how we produce such pure material. Having said that, I think greater barriers to entry, if anybody wanted to develop a process similar to ours that sort of worked around our patents, there would still be barriers to entry because of the technical know-how that we have. It is not something that somebody could copy very easily, because there is a lot of stuff that we have not patented that is still very important to our ability to perform. Yeah. On the raw material side, I am assuming it is just raw alumina that you get from Rio's? No, it's actually aluminum hydroxide. Oh, okay. Which is produced as an intermediate product for smelter-grade alumina production. Oh, okay. ultimately for aluminum production. You have rock-solid supply agreements with them as you ramp capacity yourselves? We are putting those in place. We are actually negotiating a long-term contract at the moment, because up until now we have been producing at relatively low quantities. It has not been appropriate to do that, but that is in process now. And- I should also say that there are alternative sources if for any reason Rio have a real problem with their plant. If they were to lose the plant that produces the HPA, for instance, for some unforeseen reason, there are alternative sources of feedstock available to us in Quebec. Given the pricing differential between 3N, 4N and sort of as you go up into the 5N and above, what's the logic behind 3N5+ production? Or is this just a stepping stone to more purity? I might answer this, Mick Adams. Yeah, why not? Yeah. It's one of those things I wouldn't call strategic. It's one of those things that's more tactical. For us, with our process, it's very easy for us to go to 3N5 product with a very simple process compared to the 4N+ product. If one can put in a couple of AUD million to make potentially AUD 10 million margin- at that 1,000 tons, it's worth doing. I think of it much as 4N lite, if that's the way to think of it. Not quite 4N, but 4N lite. It just appeals to those customers who don't quite need 4N, but they still want, I'm going to say, 4N quality. You can think of advanced ceramics in that regard. Not all applications need 4N for advanced ceramics. It just expands your product offering a bit. I think in this period where there's such a tightness in supply- Then, of course, there's potential for that 4N market to step down a bit because it needs to get material. So tactical rather than strategic, and something we think is worth doing. And also on the, I guess, sort of talking on the cost side, you have some access to low-cost energy, but is there any contract negotiations needed there to keep it low or- It's a government tariff, Anthony. So I think it's called the large consumer tariff, Mick Adams, or something like that. Yep. And it's set every year, and it generally moves with inflation. So Quebec as a province sees its low-cost energy as a way of attracting value-adding industry. The aluminum industry was built at the same time as the hydro industry- Yep they go together. When you look forward, yes, there's potentially more Hydro-Québec, but there's awful amount of money, I am told, going into the wind farms as well. They're expanding that renewable low-cost energy, and maintaining that appeal by being able to offer that opportunity to value-adding industry. There's no danger to getting gazumped by energy-hungry data centers or Well, I think that's the purpose of the wind farms. I would also just note that both Quebec and Ontario are big exporters of electricity into Yep the U.S. Yep. I think they see these resources as highly strategic. I think they see us as strategic as well. We're located in an area which is, should we say, economically challenged. We're creating the sort of jobs that they would like to see created in that area. So we have extremely strong political support from the Quebec government in terms of wanting to see us succeed as a company. The Quebec government owns the Hydro-Québec effectively, so Hydro-Québec Yeah. will do what the Quebec government tells them to do. Yep. Would you argue that you have good confidence in what you can see through to cash flow positive and then bottom line positive results? Yeah, I mean, we first of all had the confidence to provide guidance. As we track it, we're building confidence. We regularly re-forecast, so there's nothing that's shaking our confidence. I can't provide more detail than that. Right We're feeling good about that. Just to give a bigger picture, if you look back to where we would've positioned ourselves back at the time of the IPO, it was all about that qualification. That sales ramp-up. The uncertainty that was there about when the orders would land after you got qualified, because often- The customers have got a project to build as well. There was that risk, and that was highlighted in the prospectus. We have moved on from that. I would say internally, we feel that those things really have landed or are being landed. I would say that risk is now sitting low down in terms of when you look at your risk matrix. That is very much a matter, I would say, of increased confidence in timing of when things land. When you get confidence in that, then of course you have got more confidence in your cash flows. What are you seeing as far as inquiries for people that want to start the qualification process? Is there a long list of people knocking at your door? I think that is a Mick Adams question, that one. I will go back to the pipeline. Yeah because I think that's the one we talked to. There are an increasing number of people knocking on our door because our name is now well out there in the marketplace. As you can see from that chart there, the sort of the bottom, the lighter blue or lightest blue shows the projects that are in industrial trials. That really shows the rate at which we are sort of growing, getting new potential customers through the door. You can see that that has grown steadily and generally increasingly accelerated over time. Those are projects rather than customers actually. Right. We do have repeat project or new projects with customers, so that's another sort of multiplier on the leads or the things that are entering the pipeline. I think we've done a good job about getting ourselves known in the marketplace. We attend trade shows regularly. We pick up new business through trade shows, as I say. We are getting more and more people approaching us because they know of us. Yeah, and I think that builds on, I'm going to say, reputation. If you went back three years, two to three years, you'd meet a customer and the question would be, "Well, who do you supply? Who are you qualified with?" And you'd go, "Well, not much at the moment." But now, when you've got qualifications under your belt and you're in commercial supply to, in your sector, brand name companies with good reputations, and your customers can do due diligence on you with them, then of course it all becomes very much reinforcing. We have, and I'd say the reputation we've been building, I got an email the other day from Daniele Fregonese, the reputation we've been building in Japan about reliability, about the quality, we're being put in the same benchmark as Baikowski and Sumitomo now. It kind of reinforces, and that then means there's more customers who come because you get referred, and it's all that kind of momentum build that we're getting, Anthony. Yeah. Is there, I guess when looking at sort of personnel, is there any shortage of, I guess of key imports that you need to address or potential that you would need to address when it comes to things like personnel or equipment that could, yeah, I guess equipment that needs to be ordered. As we mentioned, we understand what is necessary to get the equipment on site at the right time for the tailoring. That is low CapEx and short lead time material. We currently buy from a European manufacturer. We are also looking at Chinese manufacturers on that, and we are testing some of their equipment at the moment. We are working on that, so we are in a good position on that. There is nothing in particular that is out of the ordinary in terms of personnel. I do highlight that team that we got sitting under Mick Adams. Yeah. We have Jean-Nicolas Beaudry earlier this year. He has certainly put a bit more strength in the bench, and resilience in the bench. I think that because it went from having just enough at that level to we have enough. It is good, you know? So it is that kind of position. Mm. Okay. I was going to ask, do you have any customer concentration, given more than one project with one It is not one project to one customer. Is there a potential that the larger, especially the larger semiconductor manufacturers would dominate your order book? It's very broad, Anthony. Okay. Mick Adams, you can I'll speak first. You might want to add something afterwards. If you look at those 18 projects qualified and 38 projects in industrial trials, that's 56 projects covering 2,200 tons. I think that's what you can scale off that. There's not high concentration in that. But a good customer for us in terms of a project scope, a very good customer would be 200 tons. As I think through that, yeah, so we would see the book build- on hundreds and 200s, if you see what I mean, and then 50s, and then a tail of 10s. That kind of picture. So no individual concentration. When you look at sector, although we talk about semiconductors, it's not sitting there at 90%. I can let maybe Mick Adams do some numbers in his head to give percentages between the different sectors. Yeah. But although it's a high growth and therefore that's an area where it affects the overall- demand and supply balance, in itself, it's not grossly overweight or anything like that. It's not like being a lithium producer supplying for lithium-ion batteries and that being completely sectoral dominant now. You know? Not like that. Yeah. I think just picking up on, I think we're running at about 50%- 60% in terms of semiconductor product, sort of applications at the moment in the supply chain. But that's a number of applications too. So there's diversity within the sector in terms of how the material's being used. If you look at sort of most of our projects currently in the pipeline are single company, or they are companies with just one project. Yeah. But I think that we have one customer who has four projects with us. Then we have less than 10 who have two or three projects with us. And that company would be a spherical alumina manufacturer, would it- Yeah. Not, Mick Adams? Yes. It would. Yeah. Yeah. I think another thing that is interesting is, which in a way you could say is a risk. It could work both ways. But in Taiwan, where, as you are probably aware, the semiconductor market is dominated by one company. somebody at the top of the pyramid. Yeah. Who do not like their name mentioned. But they then encourage diversity within their supply chain. We are working with, we have qualified with one, and we are in the process of qualifying with several more Taiwanese companies who are all in that supply chain for that particular application for that customer. There is diversity amongst customers for us within that supply chain. If one of our customers drops the ball, we are not totally out of the game. Yeah. Another question that has come in from the audience is regarding the customer qualification pipeline chart, which we have up. They are saying it appears that there is no new commercial relationships that have been added for about 18 months, and wanting to know if that is correct. It would be good if we had a different graph on that. Yeah. I think if we go back to prospectus time, we had 11, September last year. Just have to check. It's something around that, I think, to be precise. It's gone sideways for a bit. I'm looking. I think when I was road showing yesterday in Melbourne, we looked at a different set of graphs. The graphs that there from the commercial update, I think it was- or the half yearly. True, that area has not accelerated quite as fast as the industrial trials have. What I would say is that many of those industrial trials are coming to an end, and I don't really want to make a forward-looking statement. That's a forward-looking statement, if you see what I mean. I would be expecting that to accelerate. I do remember that the industrial trial stage has went up by AUD 5 million equivalent in the last data I saw. That's been accelerating, and we expect things to move right now from that industrial trial stage to a commercial relationship stage. I get the question. I think we've got anomalies in the data. There's some other stuff that's sitting behind that, which would be too long to talk about, to explain, which is how projects' scope can change, and things can go back to the beginning. Yeah. and come back with other customers and all that kind of detail. Yeah. But I'm quite comfortable that you'll see a different picture from that fairly shortly. Mm-hmm. Good. I think we've run quite a bit over time, which given the fascination and interest in what amounts to a material that is pretty much essential to modern life, as I keep repeating myself saying that. You guys are in a fantastic position to capitalize on that as we move forward with great visibility, tremendous potential margins at full ramp. I guess, either Mick Adams or Richard Seville, do you have any parting comments for us before we sign off. But thank you I- for a fascinating discussion. I'd say, I may be getting repetitive on this, but if ever you're going to develop a business, the conditions you want to do it in is when the themes, the macro themes are in your favor. That pipeline is built because customers want to talk to you. They want to talk to you because they need to secure supply for new projects. Or sometimes for other reasons, but principally because they're looking at supply for something new. And that's happening because the demand thematic is strong. So you can build businesses in that environment. It'd be a different environment if you had a supply balance or a supply deficit because all the customers would sit with their existing suppliers. So that is the opportunity. It's the opportunity that goes with the modern economy and supplying more and more sophisticated inputs for that modern economy, whether that's into advanced ceramics, medical devices, LED lighting, or semiconductors. Yeah. It's all part of the modern economy. Yeah. It's hard to find a material that has so many uses and has such a broad range of properties that it can get used so many different ways. Yeah. We've only touched on half of the- Yeah. Half of that. Yeah. We didn't even touch on cathode separator coatings or any for lithium-ion batteries or any of the other- Yes. Exactly, Anthony. Interesting ones- Yeah. that we could talk about. But I guess we'll have to leave that as a story for another day. But thank you very much for this presentation. And I guess for you guys, it's getting on with the rest of your evening. But thank you very much. Thank you, Anthony. Good. Bye for now. Thank you, Anthony. Yep. Bye. Bye-bye. See ya.