General Discussion Topics, page-134996

Dougal Elder: Yeah, absolutely. So, NAL kicked off the start of production in March. So, about a month ago. We produced around 3,500 tonnes to the end of March. So, well ahead of our internal budget. In March, NAL produced 6 per cent over 6 per cent concentrate over a number of days during that month. And that was really around demonstrating that NAL is capable of that 6 per cent standard. But what we are going to pursue is a 5.4 per cent grade product to produce and sell. And that's really around generating the best margins for the joint venture, where the additional tonnes that we can produce by lowering the grade offsets the lower price. So, we think that that's in the best interest of the joint venture to drive for those additional margins.

In terms of the ramp profile, it's a very aggressive ramp. We think that NAL will be at the nameplate capacity of around 226,000 tonnes run rate by October of this year. To the end of April, we're ahead of budget for the cumulative two months. So, everything's on track so far, and we look forward to providing a further update at the end of June.