Graham Kerr
CEO, MD & Executive Director

Thank you. Good morning, everyone. Thank you for joining us today for an update on our Hermosa project in Arizona, following this morning's announcement on progress at Taylor. With me on the call today is our Chief Financial Officer, Sandy Sibenaler; and our President of the Hermosa project, Pat Risner.

In February, we advised that an assessment of Taylor's project milestones and capital expenditure would be completed during this half. I'll go through today's update before handing back to the operator for questions. Hermosa is a regional scale critical minerals project in Arizona, a Tier 1 mining jurisdiction in the United States, approved for development in February 2024.

Taylor is the first stage of what we anticipate will be multiple phases of growth and production at Hermosa. It was the first mining project added to the United States Fast 1 program and remains on track to have all federal permits by the end of this calendar year. Before I unpack the details of the update, I'll outline why I believe Taylor will be an important contributor to the South32 portfolio for decades to come. Designed as a modern, large-scale operation, it is expected to deliver returns over multiple decades from its low-cost production of zinc, silver