Financial Data and Key Metrics Changes - The company reported unaudited group sales revenue of $1.2 billion for FY 2025, with underlying EBITDA of $528 million and a reduction in net debt of $273 million throughout the year, including $120 million in Q4 alone [10] - The total copper equivalent production for FY 2025 was 152,400 tons, which was only 1% below full year guidance [3][4] Business Line Data and Key Metrics Changes - At Matza, copper equivalent production reached 25,100 tons in Q4, bringing total production for FY 2025 to 94,100 tons, with an expected 2% increase to approximately 96,000 tons in FY 2026 [4][5] - Matteo achieved record quarterly copper equivalent production of 16,004 tons in Q4, totaling 58,300 tons for FY 2025, reflecting a year-on-year growth of 29% [4] Market Data and Key Metrics Changes - The company experienced a 30% increase in sales in Q4, attributed to five cargoes departing Walvis Bay during the period [5] - Preliminary estimates for unit costs at Matza and Matteo were $78 per ton and $40 per ton respectively for FY 2025, which were in line with previous guidance [7][8] Company Strategy and Development Direction - The company is focused on maintaining production levels and improving operational resilience, particularly in light of past challenges such as extreme weather events [9][66] - There is an emphasis on building a strong customer base and enhancing the brand of Matteo concentrate while navigating current market dynamics [81][85] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges faced in FY 2025, including record rainfall and power outages, but expressed pride in the team's ability to deliver results [3][10] - The company is optimistic about FY 2026, expecting continued growth in production and maintaining a strong balance sheet [10][66] Other Important Information - The company has implemented measures to enhance safety and operational efficiency, including a focus on diversity and inclusion within the workplace [3] - A new pre-feasibility study for the Black Butte project is expected to be completed in December, which will help define the optimal pathway for value realization [9] Q&A Session Summary Question: Impact of working capital release in H2 FY 2025 - Management confirmed strong cash flow performance, aided by significant sales and the sale of the Old Highway project [12][13] Question: Legal settlement at Matteo - The $5 million legal settlement was related to land acquisition matters and was disclosed in the first half accounts [20][22] Question: Zinc grades at Matza - The average zinc grade for Q4 FY 2025 was 4.3%, with expectations of a decrease to 3.5% in FY 2026 [29][30] Question: Resilience planning for weather and power issues - Management detailed extensive planning and improvements made to drainage and water storage to mitigate future weather-related risks [62][64] Question: Treatment charges and commercial arrangements - The company is securing lower treatment charges and is focused on maximizing shareholder benefits amidst current market dynamics [78][82]