The company is conducting this AGM physically and via live webcast by video and audio dial-in. Thank you for your participation at this AGM. On behalf of the Board of Directors, I would like to welcome you to Civmec's Annual General Meeting. Let me introduce to you the directors and the management of the company seated here with me. On my right, this is Bojan Cica, Mr. Ambrose Law, Mr. Patrick Tallon, Ms. Ong Beng Hong, and Mr. Gary Gray. Before we proceed with the business of the AGM, our CEO, Pat, here will present to you an overview of the financial year 2026 and the business updates. Thank you, Jim, and good morning, everyone, and you are very welcome to our AGM. I think we will just start off with a bit of a snapshot of the year FY 2026, just some of the significant events that occurred during the year that have set us on a trajectory to growth going into 2027 and beyond. So I just want to first touch on a significant event that happened very early in the financial year, which was the acquisition of Luerssen Australia and w e had been contracted to Luerssen Australia to build components of the Offshore Patrol Vessel program for the Royal Australian Navy for the Commonwealth and t hen in 2025, or 2026, sorry, July 2025, we actually acquired Luerssen Australia. We quickly took on the people, some of the capabilities that they have within the business, and owned full 100% ownership of the shareholding. So, it truly made us a sovereign shipbuilder in our own right, not just a supplier into part of the shipbuilding programs that were going on. We immediately changed the name to CDI, or Civmec Defence Industries, and continued to work on the Offshore Patrol Vessel program, and I will give you more detail on the program in further slides. Just to, one of two things that we did, we did launch Offshore Patrol Vessel number three. And bear in mind that these vessels are the largest, and probably the most complex steel naval vessels that have ever been built in Western Australia, so we are very proud to get that in the water. We continue to work on that and look forward to getting that handed over to the Navy in the next eight to nine, 8- 12-month period. So, looking forward to that happening. We continue to work on Offshore Patrol Vessel number four, five, and six within our facility, and looking forward to launching Offshore Patrol Vessel number four in the second half of this financial year. So, significant milestones happening there for us in that area, and it was a significant event for us. So, we were awarded and we commenced. So, we were very successful, having had a quieter year in the previous year in the Construction division and w e were very pleased to get awarded some significant packages of work, which led us to reach a peak of an order book in excess of AUD 1.5 billion during the year. The first of those major projects was the Port Debottlenecking for BHP up at Port Hedland, where we are building a structure to take a car dumper, which is a major piece of Infrastructure that is required for getting ore from the mine site onto the ship at some stage. So we are currently working on that project, and again, I will deal with it in a bit more detail further on, but a significant package of work for BHP and their port program. We also secured the Iluka Rare Earths structural mechanical piping and electrical instrumentation package and w e had been working on that site doing a major part of the civil package and doing the tank package, so it was really nice to secure that significant amount of work. Eneabba is the location, i t's about three hours north by road from the Perth area, from where we work every day. Perth Park was a major project that is on its way in Perth City. As a business, having been involved in many of the major iconic structures in Perth, such as the Perth Stadium, the Burswood Bridge, the Matagarup Bridge, we were extremely pleased to be awarded the Perth Park precinct. It is going to be a public area with amphitheaters, with a track for racing, and lots of entertainment things for general public Infrastructure, so i t' s going well, and a major piece of work for the state government and w e also secured many other projects. I mean, we consistently replenished our order book, and then we had the big growth in our order book when we secured some of these big packages, but across electrification and for some of the mining companies, or across what we do in the Energy space consistently for the likes of Chevron, Woodside, etc. We consistently work with key clients across the sectors in which we operate, so it is really pleasing that we will continue to do so. Just a quick snapshot on what we delivered and what we returned. I think it is important to acknowledge some of the things that happened during the year in this space. We did do a revenue of in excess of AUD 903 million for the year. We raised AUD 107 million in EBITDA, which was 11.8% margin. I think the key number for us is always around the bottom line, net profit. We did AUD 52.1 million in net profit, which was a 5.8% net profit margin. I think it needs to be understood that this is better than pretty well all our peers, so it is a very successful outcome and shows the delivery model that we have is successful, and that the fact that we are diversified across so many sectors works in our favor as well, because we are able to manage public and private spend at the same time. We continue to pay a strong dividend and w e paid out over AUD 30 million in dividend, and this was giving over two different payments, giving a total of AUD 0.06 in total dividend payout. Our order book, as I said, did reach a peak of AUD 1.5 billion, which is well in excess of what we had in the past. I think the other thing that is worth noting is that during the year, we surpassed the AUD 1 billion market cap of the business when our Australian share price went to AUD 2 in mid-June. I think we are starting to get better recognition for the good work and the things that we are doing as a business overall and I think if you study some of the analysts and what they are saying, they really still think we are undervalued as a business. So even though the share price is slightly lower than this today, we are capable of being a AUD 2 business and beyond and so w e are looking forward to that trajectory happening over the next couple of years. I am sure he is going to be a bit embarrassed to see a picture of himself up on the screen. I thought it would be absolutely remiss of us not to acknowledge the service of Kevin Deery over the 17 years that he has been with the business. Kevin is here today, so proof that he is still involved and still interested. The only thing is, we are going to refuse to answer any questions he has because he knows far too much. Kevin has been a huge support to the business and a huge influence on the business as a COO for the bulk of that time, and then played the key role of CFO, as an Interim CFO for a period and r eally, it was a long-planned-out transition to be able to get someone to replace someone like Kevin, so we spent quite some time selecting and working with people that could actually fulfill the role that Kevin does. It is hard shoes to fill, but we are doing our best to have it as smooth as possible as we can and I think it is probably worth noting that our revenue is bigger this quarter, so maybe we are doing okay. So I just wanted to say thanks to Kevin for all the work that he has done, and he is still involved in the business, still willing to support us, still gets the odd call or text at odd hours in the morning to sort of give us some advice, and doing a great job for us. I wanted to thank Kevin publicly for his efforts and the work he has done for the business over the years. So I just want to touch on the quarter itself. So we have had a very good start to the year. Just a little bit about us. At the point of print, we were about AUD 786 million in market cap. As you see today, it has gone up by about AUD 100 million, so we are in that AUD 850, AUD 860 range as of today. I n excess of 510 million shares in circulation, 6 9% of those shares are now held on the ASX, with 31% of them held up here in the Singapore Exchange. A bit of a look on where we are. You are all very familiar with the facilities that we have in Australia. We have a major facility at Henderson and a major facility at Newcastle, which are our central manufacturing hubs, and our headquarters being at Henderson. Just thought it worthwhile giving you a bit of an update on both Gladstone and Port Hedland. We are seeing a stronger utilization coming out of those facilities. The purpose is to be located exactly where the action is for our key clients in that area. These are two prime export zones for companies like BHP, Fortescue, and several others in Port Hedland, and again, in Queensland for many of the miners and the different commodity providers in that space. So we are seeing better utilization and t he added benefit is it's transitioning into more activity for us in our Maintenance division on site so w e are confident that our investment in these two regions is starting to pay a dividend and will continue to pay a dividend as we go forward. So you're aware we operate across Resources, Energy, Infrastructure, Marine & Defence, but we continue to do manufacturing, being the largest manufacturer of steel components in Australia. Construction as a tier one contractor over the years, and we're seeing some elevation of that, particularly in the Infrastructure space, where we now are also considered to be a tier one contractor in that space, and we're getting some new opportunities in that space. Naval shipbuilder, we are a sovereign naval shipbuilder. We are extremely experienced at steel shipbuilding, and there's a huge program of work in that space for the Commonwealth that we all are familiar about going forward. Ane then Maintenance and Capital Works division is consistently growing on the back of the Infrastructure spends and developments we've done up at Port Hedland and Gladstone. So the financial highlights for the first quarter. As I said, we did a record revenue for the quarter with AUD 324 million. We had an EBITDA of AUD 35.1 million, which equates to a 10.8% margin. But again, bottom line is what we always talk about, and we did 5.7% net profit margin, giving us AUD 18.4 million for the first quarter, so a solid quarter, and looking forward to continuing that throughout the year. I'm very confident that we continue to do so. We have a very strong order book, still sitting at around that AUD 1.4 billion, and confident that we will fulfill and perhaps surpass analyst expectations for us as we go forward into the rest of this financial year. We did pay out the AUD 0.35 dividend on the 23rd of October as a final dividend for FY 2026. So a quick snapshot on what's going on in the Resources sector. We spoke about the other projects that we were awarded during the year. The most recent award was the Gallium Project, which is being done on the Alcoa Wagerup site and i t's a large structural mechanical piping package. There will be civil works, some earthworks, and some electrical instrumentation works to be done on that particular job. It's particularly important for us because Alcoa is a very longstanding client and has always been a very good client to us, so w e know the client, we know the site well. We do a lot of maintenance activity on that site and have done so for quite a number of time. I think the key thing here is the fact that the timing of the job works in really well with the transition of workforce from one site to another. As some of the other projects we have wind down, this will be the project that will take most of those Resources, so i t is one of those tricky things in construction. You have to always make sure you have a project for your workforce to go onto, and that is why we were keen on this particular project and working close with the engineers and Alcoa and the other stakeholders in this project to make sure it is a successful outcome for everyone. Maintenance awards, we continue to secure maintenance awards. It is very important to us because it gives us that stream of recurring revenue, rather than reliant on major projects. So we consistently secure work in maintenance and in minor and sustaining capital works. The largest of them being a recent award that we secured for Glencore in the Kwinana area with the upgrade of some of their facilities at their bulk cargo terminal. I have mentioned already about PDP2 for BHP. The bulk of the piling work is done, which was subcontracted work that we managed, and now we are into the work that we do with our own disciplines and our own people and w e are extensive excavation and civil concrete structure building to support the car dumper that we will go into later in the year, next period. Eneabba is going well. We are ramping up the numbers on the site right now. We have almost 500 people mobilized to that particular site at this point in time, and we are working extensively in our workshops to provide the piping that is required for that particular job. I think something that is really worth talking about is some major load-outs that occurred at Henderson facility in the last couple of months. And we manufactured and delivered onto ship a ship loader for Dalrymple Bay, which is in Queensland, and 1,900-ton mammoth piece of structure that will actually put product onto the ships for the Dalrymple Bay client in Queensland. We also delivered Car Dumper number 4, having delivered Car Dumper 3 some time ago. Car Dumper 4 is now successfully in place at Port Hedland as we continue to work on the build of Car Dumper 6. These are amazing pieces of Infrastructure, highly technical, a lot of prestigious engineering is required to do it, and we have successfully delivered these products. So overall, in this sector, the outlook is extremely positive. We are working on a lot of ECIs with clients. We have a very good view of the pipeline of opportunity that is ahead of us, and we are very confident we can continue to replenish orders in this space with both large and maintenance and sustaining capital projects. So, a very good outlook for us across this sector with all the activity that we have been doing with key clients. If you look at the Energy sector, always been a very steady sector for us, and that's really down to the fact of the high quality of the product that we produce for the likes of a Chevron and a Woodside, in particular, mainly in the manufacturing space, but we are seeing some opportunities in sustaining capital-type work, and we look forward to pushing forward into growing that part and potentially getting into some maintenance activity, b ut Chevron have been a key client for us. We've been working on the Gorgon carbon capture and storage components for quite some time. We've been working on the Jansz-Io compression stations, and we've also then been working for Woodside on the Blakemere project. So sector outlook is good and w e see plenty of this kind of work coming in, and it's good, steady work, and it's solid work, and it's of a high quality. We've also delivered a lot of charging stations for Fortescue as they implement electrification of their heavy haul equipment on site. We have been building charging stations and power plants, etc., for them in some of their sites, and we expect that to continue as they expand their electrification program. Doesn't want to play now. Okay. Infrastructure, this is probably going to be where we're going to see the biggest amount of change in our business in the next year or two, and beyond, actually. It's a very exciting period for us in this space. We have worked really hard at getting our clients to see us as a tier one contractor in this space, both across shipbuilding as a sovereign shipbuilder and in construction as a tier one contractor in this space. So i f we just take the Offshore Patrol Vessel program again, I've given you some view on how that's going. We are really focused on delivering a really good Offshore Patrol Vessel for the Commonwealth, and we are delivering a very high-quality product. So we recently achieved a major milestone by having our baseline schedule endorsed by the Commonwealth for the delivery of this program, which is really important because it signifies certain milestones, and it gives us clarity around dates of milestones. And being a milestone-based contract, that's important for us to be able to forecast cash flow and everything else coming into the business for this, so w e're really pleased that this was achieved, and it's a really good outcome, and it's the result of a lot of hard work by our team over a short period of time to get a schedule that the client is happy that will see us delivering these vessels right out to 2029. We also are very keen on the amount of Infrastructure development that's going to happen because of defence. We were very pleased with the outcome recently where both the Commonwealth and state government announced the division of the precinct in Henderson, which meant that the area to the waterfront in front of our facilities are going to remain for non-defence-related work. That was really important to us because we did not want any adverse impact on our non-defence work as we embarked on growing our defence Infrastructure and this defence workspace, so t hat's been a really good outcome. Everything north of that, from just north of our facilities right up along the Henderson strip, is going to be developed for both shipbuilding sustainment and nuclear facilities such as nuclear dry docks. The word is there's a minimum of AUD 12 billion- AUD 25 billion worth of money to be spent over the foreseeable future on the development of that. So as a tier one constructor, right outside our door, there is every reason to think that we will be significantly involved in that Infrastructure spend. We are a key player in what happens down there, and it's been acknowledged by the fact that the government took on board the need for us to be able to continue our non-defence-related work. S o t hat just tells you the level that they see us and the importance that they place on us as a contractor and as a company, as a West Australian company. So we really feel we will be extensively involved in that development program as well as future shipbuilding programs. I know there's a lot of talk around future shipbuilding programs and what that means for us as a business and t here's a lot of talk around what the government have done with sovereign shipbuilding and where we fit in. Rest assured, there is a massive opportunity for us to continually be involved in shipbuilding programs well beyond Offshore Patrol Vessel. The magnitude of work is huge. It's absolutely huge. Please do not underestimate the amount of work that can be done, and this will not be done by any single company on the Henderson precinct. The Commonwealth have been absolutely clear that they require all major shipbuilders and people who supply into this to be involved in their future shipbuilding programs and w e are absolutely in discussions with them around what that means when we actually engage in future shipbuilding programs and what it means for the company overall. So we are extremely confident that OPV is by no means the end of our shipbuilding program. There is a huge amount of work for us to do, and we are very confident that we will be involved in this for many, many years to come, both with shipbuilding, with potentially sustainment work as we go forward, and certainly sustainment and activities that might be required for Offshore Patrol Vessels. There's even some initial talks around, is there a requirement for more Offshore Patrol Vessels, and is there an opportunity to maybe even export Offshore Patrol Vessels, which we hold some of that design capability in-house, obviously, ourselves. We are not, as a business right now, there's obviously a certain level of confidentiality around what we talk about with government, but just want to give you some assurance that, as I stand here today, I can tell you we are very, very confident we will continue to be involved in shipbuilding programs, and it has been said to us both publicly and privately by Commonwealth and people involved in it that there is a strong requirement for Civmec to continue to be involved in shipbuilding programs long after OPV. So Perth Park is another major piece of Infrastructure that's under development in Perth. It's really nice to be involved in such iconic structures right across Perth. Anyone that visits Perth, if you go on a guided tour around Perth, I can be pretty sure you're going to be standing on something that Civmec have built. So whether it be a stadium, whether it be the multiple bridges, or whether it be attending a concert at the amphitheater in the Perth Park in time to come, and so we're very proud of what we've done in the Perth precinct area. So the sector overall, very positive. OPVs are going well. We're going to continue to deliver good OPVs. We're going to deliver them to the Commonwealth as a very good, safe ship. Already two of them in the water, so we know it's a good vessel, and the Navy love it. So we think there's opportunities for growth in that area for a significantly development of the Infrastructure, whether it be building nuclear dry docks or whether it be building infrastructure or replenishing some of the existing infrastructure that's got to be taken up by shipbuilding. We will be involved, so w e're very confident of how it's looking for us. If I just go quickly, last slide. I won't bore you too much more on things, but I just think it's worth highlighting some of the value proposition of the business overall. So we stand at a very strong order book at this point in time and a very strong pipeline of opportunity. We have never been involved in so many ECI, early contractor involvement, and tendering activity as we have in the past. We are seen as a very, very competent tier one contractor. We are one of the preferred contractors in Australia to carry out some of these major projects and i t's nice to see it not just solely reliant on iron ore. While there's still a fair bit of iron ore activity in the Resources sector, we are also seeing huge activity in copper, gallium, rare earths, aluminum, gold, so much more than we ever have before. So we're not going to be arrogant about it by any stretch of the imagination, but we can actually get ourselves in a position that we can be a bit more selective in the particular jobs that we think are most suitable for the transfer of resources and for the use of our disciplines. If we look at, we've been very consistent in our dividend, and then hold a strong franking credit balance, and hopefully we can continue to at least deliver a dividend in line with what we've been doing in the past couple of years. It's worth noting that since FY 2018, we've actually returned over AUD 154 million back to shareholders in dividend. I think another thing that's really underplayed with our business is the strength of our real asset backing and w e have assets worth on face value, on fair value, AUD 620 million, and that's not really taking into consideration the strategic value of those assets, so t hat equates to AUD 1.16 in share price. So really, considering we're a highly profitable business, I don't think people are understanding or getting rewarded amply for the asset backing that we have, and t hey are not just assets, they are strategic assets in a very well-located. We have been very smart, if you like, by accident or otherwise. We have been very smart in where we have decided to actually have facilities at both Henderson, Newcastle, Gladstone, and Port Hedland. And then the strategic position in Henderson, again, cannot be underplayed. I have spoke about it quite a bit. There is every reason to think we will be involved in the development of the precinct, which is multi-billion dollar projects over a period of time. There is also a lot of other Infrastructure in the region around the changing of the port, the bulk terminal from Fremantle to Kwinana. The Kwinana Bulk Terminal will be built just down the road from us, and we have been shortlisted as one of the tenders on that particular project, so w e will embark on that over the next couple of months and try to secure that project and t here is all the roads, infrastructure, and everything that leads into that we will be extensively trying to get involved in. So really, of all the years I have stood here before you and sort of given an outlook of where the business is, the business is in a very strong position. The outlook is extremely positive, and all sectors are humming, so b oth public and private spend across all the sectors are in a really good position, so looking forward to some really positive years as we go forward into 2027 and 2028 and beyond. Thank you. Thank you, Pat. Let me just get my bearings here, where I am. Here we are. As the quorum is present, I hereby call the meeting to order. We shall now proceed to the business of the AGM. The notice dated on 30th of September 2026, convening this meeting, has been circulated to all members of the company. As they have been in your hand for the requisite statutory period, I take the notice as read. Please note that in my capacity as Chairman of the meeting, I have been appointed as a proxy by certain shareholders, and I will be voting in accordance with their instructions. The voting on all resolutions to be passed at this AGM will be conducted by poll. In accordance with Rule 44 of the company's constitution, I, as Chairman of the meeting, hereby demand that a poll be taken on all resolutions to be taken at this meeting. The result of the poll shall be deemed to be the resolution of the meeting at which the poll was demanded. There is one non-binding and three ordinary resolutions to be voted on today's meeting. We shall go through each resolution, and shareholders will be given the opportunity to ask a question on each resolution. Before you ask a question, please give your name, and if you are a proxy, please state clearly the name of the person or the company you represent. After the questions have been answered, shareholders will have the time to cast their votes on resolutions using the online voting system. Please be informed that Citadel Group or Corp Pte. Ltd. has been appointed as scrutineers for the poll demanded at this meeting. I shall now hand over to Bojan to explain the polling procedure. Legal shareholders can exercise live voting by casting their votes in real time using the Computershare meeting platform. For attendees that are eligible to vote at this meeting, a vote icon is going to appear on your screen. Selecting this icon will bring up a list of resolutions and present you with voting options. To cast your vote, simply select one of these options. There's no need to hit a submit or enter button, as the vote is going to be automatically saved. Shareholders are also welcome to ask questions during the meeting. If you're in the room, you can ask a question by making your way to the microphone located in the middle of the room. If you're joining us online, you can submit questions by selecting the Q&A icon at the top of the screen, by selecting the topic, typing in your question into the text box, and pressing send. To ask a question verbally using the online platform, please follow the instructions that are displayed on the screen. Your questions may be moderated, or if we receive multiple questions on one topic, we may consolidate them. Consequently, not all questions may be answered individually. Each shareholder is encouraged to have no more than three questions to give opportunity for other questions to be answered. After the allocated time for questions has passed, there'll be a queue for final voting, after which the live voting is going to close. Proxy results for each resolution are going to be displayed on the screen as we go through the resolutions. I'll now hand back to Jim. Thank you, Bojan. I now declare the voting open on all items of the business. The voting icon will soon appear. We shall now proceed to the first item on the agenda, and that is to receive and consider the audited financial statements of Civmec Limited for the financial year ending the 30th of June 2026, together with the director's report and the independent auditor's report thereon. I now invite questions from the audited financial statements and the director's report. For the record purposes, please state your name before asking any questions. We note that representatives from Moore Stephens and Moore Australia are here with us today, and in person and virtually, to address any such questions. Thank you for your cooperation. We shall now proceed to the Non-Binding Ordinary Resolution 1, to consider and adopt the remuneration report of Civmec Limited contained in the director's report for the financial year ending 30th of June 2026. I now invite questions under the remuneration report set out in the director's report. Please proceed to the microphone or use the online questioning function if you have any questions. Hello. Yeah, hello. Chairman, I'll try to speak here. We might just grab the microphone there for you. Would you mind speaking into the microphone for the online participants? Might be pretty hard to hear you from this side here. Okay. There we go. Hello, Chairman, CEO, Board, everyone. My name is Chia. Good to see you guys again. Last year, I asked this question. This year, I will ask again because the number dropped and t his is regarding the, I think, CEO mentioned earlier that the Singapore holding now is about 30%, right? So I just want to confirm on page 243 of the annual report, the Singapore control ACC means, is that what you are saying, the overall total holding in Singapore, including the institution and retail, is now 31.43%, to be exact? Yeah, that's the total number of shares as in. Okay. Last year, I remember I asked this question, and I think the number was 40%, right? I think it was last year, yeah, it was just under 40%, I think. Yeah. What is the reason for the drop in the ownership? Look, I think it is a natural course here. I think some of the Singaporean shareholders are just selling into the ASX or transferring shares into the ASX so they may not be even selling. Quite a lot have moved their shares across. That is all that has happened. Okay. What is the lowest threshold before is it 10% that the company will need to delist in Singapore, or? I actually do not know the answer. Do you know? There is actually no threshold to our knowledge. I don't know. There probably is a number, but maybe, Bojan, or Beng Hong? Generally, for a Singapore-listed company which is fully listed on the SGX, and there's a requirement to have 10% of its shares in public shareholding before it gets delisted. So because we are dual-listed, but I think in theory, based on the same premise, then it should be 10%. At least 10% of the must be in public shareholders before exchange may or may not suspend us. That is up to— Okay. So, if that number really become reality, right? Yes. Means the company has to compulsory acquire. The exchange will suspend you, and then exchange will ask you to consider doing that. It is not that we have to do a delisting exercise. But yes, at that point, the shares in Singapore will be suspended. But of course, because we are dual-listed, you can always transfer the shares to Australia to trade, actually. Yes, exchange may ask us to do a delisting exercise at that stage. So the company is not binded to acquire from us if we fall below the 10%? Well, it has not happened, so we have not discussed that yet. I think you need to start discussing. Yes, yes, of course. If anything, we will announce, make the announcements, of course. Yes. Okay. Because I think for minority shareholders, we do not want to have our shares suspended— Yeah, of course. Yes. —and we end up, so t he company needs to think of a way out for us, right? So that we can continue to enjoy the growth of the company. Yes, of course. Okay, thank you. Thank you. That was a good question. Second question is, when I was looking at your financial numbers last night, right? I am quite curious. We literally have very low borrowings. In your cash flow statement, right? We borrow AUD 132 million, and then we pay back, right? So how do we run our business? We are $1 billion turnover business, right? How do we fund our raw material and all those things, right? Because we bawely borrow to fund the business. We have a certain amount of borrowing, but we are using cash flow that is generated through the operations to generate normal cash flow, pay wages, pay materials, and such. So we get advance payment for all of our projects? On some cases we do, but not all the time. We just have to manage cash very carefully. Our business is not really affected by the increasing RBA interest rate increase? Not really, no. No, we do not really look at it like we are always worried about interest rates going too high, because obviously we have some debt, but we are not losing sleep at night, worrying about it. Okay. And then for the Defence business, I think the CEO has mentioned that there is a lot of growth coming from that sector. When I look at the segment results, the turnover actually doubles, AUD 100 million- AUD 200 million. I could not find in the annual report, so I actually look at your full-year financial result. So my question is, how come the segment result actually that number drops from AUD 35 million- AUD 23 million? I thought that was supposed to be a high margin, very good business, so w hat is the reason for that drastic drop in the segment result? On the page 12 of the— Thank you for the question. The Infrastructure and Defence segment are consolidated, meaning that the number that you are referring to is the FY 2025 versus FY 2026 Defence and Infrastructure segment. There was projects in the Infrastructure segment in 2025 that had abnormalities associated with recognition of profits in the joint venture that created distortion. So it is not that the margin went down, it is that there was abnormalities in 2025 that are creating abnormalities or a margin year-on-year reduction, which is not reflective of anything else than business than usual. So for such a situation, can you put a footnote so that it self-explains b ecause we are talking about a promising business, and yet we are seeing a segment result dropping drastically by AUD 10 million. And you will find that with the segment, because it is joint, it is not a reflection of the Defence. It is a Defence and Infrastructure, and they are consolidated because the Defence segment only has one contract inside of it, and we are unable to disclose a one-contract result without breaching privacy requirements that the Department of Defence has but w e will include further notes in the future to provide more clarity. Okay. Thank you. Thank you. Good morning, Board and everyone. Thank you for coming to Singapore. Welcome. I just want to ask, what is a key challenge or concern that you have at the moment? Key concern overall in the business? There is certainly a strong pipeline of opportunity of work. I think we need to be conscious of the labor pool and the availability of labor in Australia. I think that would be Look, it has been like this in cycles throughout, so we have dealt with it before. But we are seeing a new generation of workforce coming in. They have different expectations around, if you like, work-life balance, et cetera. And then developing and training of people to be able to manage the job. We are very strategic about the jobs we take on. We have a good understanding of what we are getting involved in, and we make sure we have the right resources available at the right time. I think, as I said, there is a plentitude of opportunities. The risk would be taking on more than there is resources to be able to do it, so t hat' s something we need to build up the resource pool and continue to grow the business. It is not going to be an inhibitor to growth right now, but it is going to be a steady growth rather than a big jump, because that could be painful trying to get the resources to be able to do it if you take a big jump. Are you able to bring in foreigner expert as required? Sorry? Are you able to employ foreigner should you require? Yeah. Look, there is obviously requirements around access into, which are through the Department of Immigration. We are. We have several workers who are on visas, who are brought into the country to deliver on projects, sometimes on short-term visas, sometimes on longer skilled visas, so w e do have a good relationship with the Department of Immigration. We are recognized as an employer of choice for immigration, and we do have migration agents working with us all the time, bringing people into the country. So it is the opportunity. It is getting the plentitude of people in a quick time period when you actually secure a job. The key to this is about planning properly, being strategic in what you do, and making sure you do not take on more than you have resources to be able to deliver. What about concern? Is there a big concern that you have, such as the Iran war and things like that? Look, I mean— It not necessarily refer to Iran war, but could be Australia. Yeah. We saw concerns when fuel prices went up. Didn't really impact us directly because the clients were covering some of those costs. I think there's stuff that goes on all around the world, obviously, that we can't control. We're in a reasonably secure, or a very secure zone in Australia, so global impact doesn't always hit us straight away, so we have time to prepare. So there's nothing specific that's concerning us at this point in time, and we think we're in a pretty steady position to continue to grow. Your jobs are mainly within Australia. Are you going overseas to secure jobs? No, not at this point, but w e're going overseas to secure labor, but not jobs. Thank you. Good day, mate. How are you? Steven Wee, shareholder. We live in, I think, what could be fairly described as crazy geopolitical times. I think it is quite objectively fair to say that we are at a major pivot point in history. Many names for it, such as the Fourth Turning. And the geopolitical configurations are constantly shifting. Very quick illustration, we have gone from G7 to G8 to G20, to the BRICS, to the Quad, to the Squad and A ustralia's position in this configuration is also, I think, perhaps more fluid than most, correct? Essentially a Western society geographically located in Asia. So what I am getting at, sorry for the long narrative, is that the bright outlook for our Defence business, I think, is quite premised on the current geopolitical trends, such as AUKUS and the need to create a military security alliance against, I will be very frank, China, but t omorrow, the configuration could change. There could be a different country cast as the bad guy, right? I am wondering if you could give me a better idea of how the company is calculating this risk and reward, and also how much capital and OpEx commitment it is putting into it. What are the risks if this current geopolitical trend does not pan out? Thank you. I can do a little part of this anyway. I think, first of all, as Pat highlighted earlier, nobody can control what is going on at the present moment. But if you look at it from a sense that, assuming everyone, our friends and everyone is really, really happy, all that happens is that the commodities like iron ore, copper, and all that, they will just keep increasing because the world is constantly growing the demand for iron ore. I cannot quite remember the numbers, but something like, I do not know, every human being on Earth uses something like 40 kgs of steel a year. That keeps increasing as third world countries have been more developed. So the iron ore should keep on growing, like so copper and all that. That is mainly where our business is sitting. Regarding shipbuilding, we have got a good solid platform building the OPV program. We have won the design, we are the Australian builder. I think within the next, say, four, five, or six years, the ships are going to come back for refurbishment again, and we are the ones to do that. There is a possibility for exporting these as well. I am looking at the positive as the whole world settles down. They still need to patrol the borders for fishing and a certain amount of immigration, stuff like that. So we are not worried about thinking things are going to get worse or getting better. You pray to God that things do get better. Nobody wants to have any conflict and then p ersonally, I do not anyhow, and I am sure everybody in the room is the same. But where we have come from in the last, say, call it 20, 30 years, there has been no conflict in the country Australia in particular has been growing quite well. So I think, hopefully that answers your question. Can I just add some context to that? The National Defence Strategy, which was adopted by the Australian government, it was not against any given particular actor around the world. It was about national sovereign security. National sovereign security came after many years of underinvestment into the defence programs and I think that that is a strategy that the government has adopted as a bipartisan move, irrespective of what geopolitical events may or may not transpire in the movement and t hey have made these commitments for the long term, and it is not something they are likely to shy away from. The changes in the geopolitical environment have also created a demand for minerals that were previously not required to be produced in Western Australia. This exposed us to such opportunities and projects which we have secured. When we look at our order book, we would have never thought two years ago that we would be delivering a project in gallium, a rare resource that was predominantly only produced by China, is now also going to be produced by Western Australia. Our Iluka project is also a rare earth project that would have never come online if it weren't for a change in geopolitical environments. Whilst it creates some uncertainty, it's also created a lot of opportunity for Western Australia and Australia generally that we've been able to leverage on and actually convert into an order book. I hope that answers your question. Thank you, Bojan. I think we might just take one more question then, because we'll actually run out of time. My name is Desmond Ling, a shareholder. Yeah. I'd like to refer you to page 160 of the annual report about profit before income tax. I noticed that there's one line item, impairment loss on contract assets in 2026 of AUD 788,000, which is not present in 2025. Can I know what's the nature of this row item? That nature was it was not an actual impairment. It was a provision for a potential impairment just put into the books as a conservative number in case there is ever an impairment. It is not actually a loss. It is a provision for a potential credit loss based on a formula allowance within the accounts. Is it likely to reoccur in 2027? It has not occurred. It is just a provision and i f the accounting standards allow us to reduce it, then it will go down over time. Then 163 of the annual report about trade and other receivables. This time I would like to maybe ask if the audit committee is around. Has the pre-acquisition contract milestone payment receivable from Commonwealth of Australia of AUD 125 million, has it been collected? No, it has not been collected, and it is going to be collected over the course of the program. So there is a special note on note 19, from recollection, of the financial statement that actually details what the breakdown of the receivable and the payable is, and how it is split out through the purchase price allocation accounting b ut those milestones are going to be collected over the course of several years, which would then see that number drop down over time. Okay. So my last question is, when it comes to collection, that is where our sources of cash is, and we likely will have, now that the order books is so high, AUD 1.4 billion and going higher. In terms of CapEx, can you enlighten us, how is it going to be like over the next You say collect back the money takes several years, so CapEx trend over the next several years, can it match or not? So just with the CapEx, what we have been really good at is establishing a platform over many years that has allowed us to deliver this increased growth without major investment. The facilities that we are using to deliver the Offshore Patrol Vessels and all of our manufacturing are already established and paid for. The best way to think of CapEx going forward is just sustaining CapEx, which is similar to depreciation on a year-to-year basis. Okay. Good to hear that it is similar to depreciation. Okay, thank you. Thank you. Hopefully that's all okay. Okay. So we'll move on. Since there's no more questions on the remuneration report, I now put the motion to vote by poll. We shall now proceed to the third item on the agenda and t hat is to deal with the re-election of Mr. Patrick Tallon as a Director of the company in pursuit of Rule 55 of the company's constitution and the purposes of the ASX Listing Rule 14.5. If resolution 2 is passed, Mr. Patrick Tallon shall be re-elected as an Executive Director of the company and remain as the Chief Executive Officer of the company. Are there any questions on the re-election of Pat as the Director of the company? Please proceed to the microphone or use the online questioning function if there is any questions. There is no questions online. Okay. Thank you, Bojan. Since there are no questions on the re-election, I now put the motion to vote by poll. We shall now proceed to the third item on the agenda. That is to deal with the re-election of Mr. Ambrose Law as a Director of the company in pursuit of Rule 55 of the company's constitution and for the purposes of the ASX Listing Rule 14.5. If resolution two is passed, Mr. Ambrose Law shall be re-elected as an Independent Non-Executive Director of the company and remain as the Lead Independent Director, Chairman of the Audit Committee, and the Risk and Conflicts Committees, and a member of the Nominating and Remuneration Committees. Are there any questions on the re-election of Mr. Ambrose Law? There is no questions online. Thank you, Bojan. Since there is no questions on the re-election, I now put the motion to vote by poll. I shall now proceed to the next item on the agenda, and that is to consider and to pass Resolution 4 relating to the allotment of shares set out in the notice of this meeting. The full context of the motion is set out in the notice of the meeting in the annual report. Are there any questions on the authority to allot and issue shares? Any questions? There's no questions online. Yes. Oh, sorry. One more question. One question. I'm just curious, in case you really need to do a rights issue, for example— Yeah. —what does it mean for us in Singapore? If we go and raise more shares, you mean? Yeah. Raise money and more shares. I think the same as any shareholder, but we have no— So we are still entitled, is it? Or is it now because the Australian will take part? If it is a rights issue, then of course all shareholders will be entitled equally. Yeah. If we undertake a rights issue, then all shareholders will be entitled. It is like the same as Singapore. But of course, if it is a private placement, then it is just the usual as in Singapore, it will be just— Yeah, yeah. Private placement, we are not affected by— Oh, yeah. Rights issue, definitely all shareholders, Singapore or Australia. Yeah, yeah. I just want to clarify here, because if we are not entitled— Oh, no, no. —this resolution has no meaning for us. No, no. Yeah. Okay. Okay. There were no more questions. Since there are no more questions, I now put the motion to vote by poll. Ladies and gentlemen, all items raised in the notes of the AGM have been properly dealt with, and as we have not received any notes to transact any other business of today's meeting, there is nothing to consider under Agenda 5. As there are no other questions, I now advise that the voting of today's resolutions will soon close. Bojan, is there any more? There are no other questions online. There are no other questions online. That is fantastic. I now declare the poll closed.