Thank you. Thanks, Jenny. And thanks everyone for dialing in today. So I think, let's skip to the main slide. So in the first quarter of twenty twenty five, I'll also go over the production stats in a second. But just looking at the main achievements, so Owen Sarawak received the merit award at the eleventh premier Sarawak environmental award ceremony. So this is something that we're very proud of. I think we're very, very engaged locally in Sarawak on the ground in terms of what we're doing with the circular economy, as well as other measures to sort of reduce the waste that we're admitting and also the recycling efforts that are in place. OMSAROG was also awarded the ISO certification for quality management. And so that's another achievement that we're very proud of. More significantly, I think in the first quarter of twenty twenty five, and this is something that I've spoken about at a couple of webinars and presentations. And we finally sort of achieved and closed the exercise. And so I'm referring of course to the refinancing size at both OIM Singapore as well as OIM Sarawak. And so we placed 168,000,000 in syndicated debt facility, as well as just over $1,000,000 1 hundred million dollars sorry, for working capital and bank guarantees.

Now, I think it's very important to sort of bear remembering that prior to this refinancing, what we had in terms of the project finance structure was a structure that was initially meant to see us through the greenfield phase of the project. Now along the way, I think from when we did that in 2011 and when production commenced in 2014, several milestones and several sort of iterations of projects took its own life. Right? Sorry. Took a took a life of its own. And so twenty sixteen, twenty seventeen, we actually reinvested proceeds into converting couple of furnaces to manganese alloys. More recently, we did another round of conversion. And in 2023, we closed an exercise in which we acquired 25% shares of O and Sarawak from our joint venture partners. I think the point I'm trying to make is along the way, we have used the same vehicle for a purpose beyond that which it was originally envisioned for. And so, in closing the refinancing exercise, I think the company and management is very pleased that we are able to sort of unlock value both in terms of the cost of interest to the company, meaning more shareholders, as well as really finally achieving a sort of more balanced capital structure that will support our needs and as well as provide flexibility for our growth in the years to come.

And so that has been concluded. And in terms of capital structure that we are aiming for, I think this is more or less close to the ideal. On the operation front, I think for smelting, for ferrosilicon and manganese alloys both, we are more or less on track. So you look at the numbers in the chart in the bottom left corner, that's more or less on track for the full year guidance. And so for smelting business, I think given that all our sort of maintenance schedules sort of power downtime, scheduled downtime, that's all planned out way in advance. I think shareholders and analysts will note that there haven't been much surprises in the last two years or so. Okay. In terms of Butu Creek operations, so I think we're very pleased to share that the UFP trials, the second trial has achieved the grades and yield that we had budgeted for. So for that, I think we are just one step nearer to completion. And so the third trial that is sort of underway as we speak is a full sort of commercial trial involving hydro mining. And so once that is completed, I think we will be in place to deliver that project.

Okay. So that's all in terms of the quarterly updates. Now can we move on to the market updates? Thank you. So in terms of ferrosilicon market, I think, again, for a lot of shareholders, a lot of people that own the stock, ferrosilicon prices and manganese oil prices are not always the most transparent. But every quarter, think we wanna take the opportunity to answer questions as well as to shed some light as to what's happening in terms of global alloy prices and what the demand and supply levers look like. So for ferrosilicon in the first quarter of twenty twenty five, not much has changed really. I would say that China obviously remains the marginal supplier to the market. And we still see downward pressure on prices, mainly due to lower demand as well as competition from Russian products. So what we're seeing is China importing material from Russia. And I think if you look at the statistics, it's something like 10,000 to 20,000 tons per month. And so with this sort of gradual downward pressure, I think we've seen the barrels looking prices decrease down to $11.20 dollars per ton to Asia. So given these pressures, think, and obviously as a company, we track very closely what the cost of production in China looks like, and we do this for major regions and and major competitors.

So we do see significant cost pressures. I think even with the raw material prices, like semi coke coming down to an almost all time bottom, We still see cost pressures for a lot of our close competitors and indeed, I think it's heartening to note that there have been entire plants that shut as well as several furnaces shutting at major competitors. So I think on the sort of demand and supply front, we are at a point where supply has been gradually reducing month on month in order to create that deficit that will eventually take care of the overhang. And in terms of overhang, I think we very often look at Russian inventory and indeed I just mentioned that China has been importing material from Russia, whether that's for domestic consumption or then later on resold. That's not something that's 100% transparent. But I think looking at the cost structure and also looking at the duration over which this has happened, that overhang must surely also be slowly chipping away now. So with that, I think we'll move on to the manganese markets. So for manganese markets, again, there's always this tension and dynamic between the ore and the alloy and then obviously, as a smelting company with exposure to mining as well, we would pay attention to both very, very closely.

And so on the off front, I think we've seen all prices normalize, come down to sort of near term bottom several months ago. Since then, it has rebounded. So I think this quarter, manganese ore prices for the high grade closed at almost $5 And historically, I think we've always seen the range is between $4 to $6 for the benchmark high grade or what used to be called the 44% index. And I think what we're seeing is obviously an overshoot and the correction a couple of months ago. And off the back of that then, silica manganese has also seen an improvement from $885 to $965 CI of Japan. Now I think in the background, this is obviously kind of very linear. I think if you put all the prices on a scatter plot, you will see the sort of linear relationship. But beyond that, I think what we're trying to understand obviously is also what is the net destocking effect that is happening behind the scenes that we necessarily we can't necessarily sort of shine a light on both on the all front as well as the ally front. Now on the all front, it's it's relatively more transparent.

So, you if you look at the the shaded area in the background and, you know, we've had this chart for a long time, but it's it's not always referred to. If you look at the shaded area in the background, that's all inventory in Chinese ports. And so you will note that, you know, it's come down very, very sharply from its peak of just above 6,000,000 tons. And so this is this is due to three things. One, obviously, the supply of oil has reduced with South thirty two's Genco mine being out of action for such a long time. Notwithstanding that, prices are not increasing because why? Second reason, demand has decreased. Right? And so this this is a global phenomenon. I mean, it's not just in China. I think around the world, you know, steel production has been very weak. But this this sort of balance between all all demand and all supply has has is the reason why all prices have been kept at around its its, you know, sort of traditional bounce between four to six dollars. And so the third reason is just the fact that the amount of financing out there, know, dollar financing to hold this inventory import has reduced.

Right? And then there isn't this is not as exciting a way for people to deploy capital as it was in past. Right? And so I think overall, the the size of the the the market has shrunk. But, you know, having said that, it's not had an impact on profitability. So if you look at the spread between what the alloy prices look like, the blue line and what oil prices look like, that spread has reestablished itself, right, after the sort of anomaly after the blip in the middle of last year. And so I think that's what we mean by prices normalizing, alloy prices are in a place where healthy margins can be made with the sort of contemporaneous oil price. And so in saying that, sort of going back to what I was saying a couple of minutes earlier, that's really what we've been trying to understand in terms of how much overhang is there in terms of manganese alloy inventory out there. I think when you look at the net closures of manganese alloy smelting capacity over the last, call it twelve to eighteen months, you will note and sorry, and saying this also keeping in mind that there are a few major plants that will close in a couple of months time.

I think we're seeing, again, not dissimilar to the ferrous pickin story that smelters are shutting and supply is being reduced to the point at which it is just under demand and sort of creating that deficit to eat away at the overhang. And so, I think if you look in the region, sort of East Asia and South Asia, see supply reduction. When we look in the West, we also see supply reduction. And China as well, I think that's a bit more dynamic, but we see that playing out as well. So this overall reduced utilization globally will add to price stability. And I think that's why we see sort of manganese alloys being a healthier market in 2025. Okay. So with that, I will end the presentation. I understand as as usual that a couple of questions, and so be happy to take them now.

Yes. Thank you, Adrian, for the presentation. We're now move on to the Q and A session. So the first one relates to GP and its ore supply. If GP mine was to be sold or closed for some reason, how easy would it be for OMH to buy manganese ore from the market?

Okay. Yes. Well, I mean, that's a good question. Right? And so you could substitute Chippy with any other manganese mine. But I think we're not wholly dependent on any single mine just as I think before Genco closed at well, somewhere around this time last year. We were consuming at one point in time, you know, more than 50% of the oil was was coming from Food Island and and, you know, I'm very happy to report that nothing changed in terms of the cost structure of of OMSAROAK. And so I think the same applies for Chippy. The only difference obviously is is the greater ore that that Chippy supplied. So so Chippy supplies a a semi carbonate ore and that that's produced by a few major producers in in South Africa, notably South A2, Asma, Yunque. And so so, you know, I think it's it's not difficult to source semi ore. And obviously, at at the most extreme, you know, what if the supply of semi semi carbonate ore dissipate completely? Well, then, you know, you would just, you know, get the necessary chemistry. You need to present to the furnace through through a combination of of items you could add.

Right? Just to substitute the calcium, you could add limestone. And to get the right manganese to iron ratio, you simply have to tweak, you know, the sort of high high grade ore versus low grade ore. You're you're feeding the furnace. So I I think we're not concerned, you know, if if any single supplier sort of were to close or disappear. I think in terms of the sort of non Sarawak economics with respect to what we're doing with distributing our share of the GPR, obviously, that would then be impacted, but that's sort of a relatively minor contribution, I think, in the scheme of things.

Great. Thanks, Adrian. Now second question is, has present bond of Aussie dollar 30,900,000.0 in repaid? If not, will the new working capital facility be used to finalize this debt or will the repayment be funded from cash?

Yes. Okay. That's a good question. I mean, is fungible at the end of the day. But yes, I mean, the answer is yes. The entire refinancing exercise has been conducted with this in mind as well.

All right. Thanks, Adrian. And the third question is, what kind of catalyst could help actually push ferroalloy prices to much higher level? Is there any potential of this scenario happening anytime soon?

Yeah. So I mean, so barring the fact that across the board obviously, a lot of prices recover when inventory runs out, right? So that that that is, you know, an an obvious truism. And and I guess I guess what the question is is once we reach a state where, you know, this alloy overhang has once again been depleted, what sort of catalysts might we see with current market environment with the current market environment that could make people realize that, you know, we've actually collectively run out of alloys. So I think, you know, historically, this this has happened in a few, you know, in in sort of various forms, most notably in in sort of during COVID when we saw sort of power prices increase through multiple folds and and when, you know, China had like, you know, three days of coal inventory or something like that. You know, that that was a catalyst. We've also seen this happen in terms of, you know, trade restrictions. So I think what could play out, know, one scenario that could play out this year is given the tariffs that are sort of flying through the air, something could happen that would lead to a sort of massive shortage of alloys in a position, in location where it's not the most convenient to sort of ship to.

And that could trigger, that could be a catalyst for price recovery. I think in terms of Asia, obviously, one catalyst would be what's gonna happen in China basically in terms of the government's stance to the steel production, but then that's always something that people watch. It wouldn't really come to surprise. So I wouldn't point to factors like tariffs, the trade war, as well as issues that might revolve around production such as cost of power, availability of power, environmental regulations and so on.

Great. Thanks, Adrian. So moving on to the next question relating to silicon metal. Given the current market, the silicon metal market doesn't seem to be such a good investment when considering the amount of silicon metal plant or currently produced. So would you be able to shed some light on that?

Yes. So so the question is, was was the the silicon metal investment at the stake? Right? Look, I think so silicon metal as as a product is is listed as a a, you know, critical mineral in Europe, in The US. The cost of production in these countries is is very, very high. Right? I think much higher than than, you know, even what our our sort of trial production cost look like, just given sort of the price spread. You know, and and silicon metal is is obviously the dominant application of silicon metal in in in the world is in the production of polysilicon. Polysilicon eventually ends up in solar panels. And so, you know, I think it is a very critical resource. I think it is, you know, absolutely imperative that we have the option to produce it. And, you know, it's it's time will come, you know. And the key thing I think is that the timing was really bad. It was really, really bad. And so I think when you look at where we are today, The US has initiated a new round of an inter dumping investigation on silicon metal production around the world.

Ironically, you know, Malaysia has already been part of that investigation. So, you know, we we in a sense sort of sheltered from that. You know, I think if you look at how potential tariffs and sort of the trade war is gonna fracture the world's sort of demand sensors for silicon metal to fracture that from the supply sources, then then I think we have bought ourselves the option to plug and play as and when, you know, the situation arises and as and when the market conditions are fulfilled. And I think in saying that, perhaps I'd just like to share briefly on what's happened in the silicon metal markets, right? Because I think we're seeing prices below 1,500 now. You know, when we commenced production, prices were around $2,000 per ton. When we initiated the project, I think prices were around 1,600, 17 hundred dollars per ton. Right? And so these are all sort of Asian prices. You know, I think from the time we commenced the project till today, I think, you know, have seen silicon metal production, monthly production in China double. And so, you know, at its peak, it probably reached just above half a million tons a month.

Right? And so when you look at that output versus at its peak in China, the demand for silicon metal must have been at most 450,000 tons. You know? So we're seeing just incremental addition of silicon metal into sort of the social inventory in China. And this obviously has been exacerbated by by by two things. One, an excessive capacity building in China, and two, very, very recently in the last six months or so, massive reduction in the consumption of silicon metal in China. So I think if you look at the Q1 stats between 2024 and 2025, the consumption of silicon metal for polysilicon, and this is the dominant sort of application of silicon metal that is halved in China. Will that remain at the level it is today? I don't think so. Will that go back to half a million tons per month? Probably not in the near term, Brian, if I'm being honest. If you look at the sort of pricing and demand supply of of polysilicon that's eventually end you know, eventually ends up in solar. The world needs that, but it will not in the near term sort of immediately go back to half a million tons per month in terms of consumption.

So I think that's those are the dynamics in play for silicon metal. And I think, you know, as a company, just given our position, given our cost, given our strengths, silicon metal is is a useful product to have in our portfolio. Will we produce it at 2025? We may or may not. Right? It really depends on on what the market pricing looks like and, you know, how quickly we can sort of move things around. So so I think that that's that's, you know, sort of the full answer to that question.

Thanks, Adrian, for the comprehensive answer there. I think we have just one last question. Was there any impact to sales since the declaration of the reciprocal tariffs that was subsequently put on hold?

Yeah. I mean, okay. So this is a good question to ask you because we get asked this a lot, right, by analysts, by our shareholders, by our bankers. So many these alloys are listed in annex two of the reciprocal duties. And so many these alloys are exempt from from the tariffs. Having said that, ferrosilicon is not there there is a sub HS code of ferrosilicon that is in Annex two, but unfortunately, it doesn't apply to our product. You know, we don't know exactly why it was done this way. But, you know, keep in mind that ferrosilicon there there is an active there's a dumping investigation, you know, ADD, CBD investigation for ferrosilicon that's ongoing. It's about to close. I think a lot of the sort of near final tariffs have been released and we are obviously very pleased that we are fairly low sort of in the scheme of things, right? So we sort of found between 5% to 10% if you add the ADD and CBD components. You know, having said that, if the reciprocal duties were to come into play, right, then what the analysis that we would have to do is is add these things together and then look at how we stack up against other countries that are producing ferrosilicon.

So so, you know, Russia, obviously, although it is not a a a sort of not not in list of the reciprocal duties. It has, you know, and and a huge number on on the ADD front, so that that puts them, you know, out of the picture. China is out of the picture. And so I think, you know, when you look at that list and and you add these things together, the picture becomes a lot more nuanced. And I think, you know, it it wouldn't be unfair to say that this this this could be an opportunity for us distributing ferrosilicon in The US rather than than than a risk or threat. In terms of what's actually happened to sales and shipments, you know, I will say this, nothing much has happened. The the enzyme dumping investigation has happened, has been going on for over a year now. And so everything that had to be done was already done last year. And so, you know, we we have, you know, covered all our obligations to our customers with whom we've signed contracts. And in terms of the manganese front, because it's it's an annex to nothing really has changed in terms of how customers are are drawing down and consuming the Chinese alloys.

I think the only thing it has done is is create a lot of uncertainty for for for our customers, for for steel makers in The US. And so, you know, to the extent that that might affect their own, you know, utilization rates, their their consumption and and, you know, what that might mean for business in in in 2020 you know, I think only time will tell. So so that's that's the the full answer for the tariffs, you know. So in short, not much has changed, you know, in the long term, you know, I think it it really depends more on sort of The US domestic situation.

Great. Thank you, Adrian. Now this appears to cover the majority of the questions from our audience today. If you do have any further questions, please forward them to investor.relations@0mmaterials.com. We will make a recording of this webinar available via O M Holdings LinkedIn in the coming days. This concludes our webinar for today. Thank you everyone for attending and thank you Adrian for the comprehensive update.

Thanks. Thanks everyone for dialing in.