Results and projects update. We will go through some numbers, but look, it has been a pretty good year. I think the recent news really since the close of the financial year, since 30th of June, has made it even better. We will cover that as we go through. Usual disclaimers. Bathurst is an operating company. All of our operations at the present time are in New Zealand, so we have four operating mines. Takitimu, which is 100% owned by Bathurst. Stockton. I have not shared the screen. Have I? No. Sorry. Apologies for this. Right. Now you can see it. Sorry about that. We will just go back to the start. Welcome to the webinar. I am just going through our results and the project update. Our usual disclaimers, and we will start again. Yeah, so Bathurst is an operating company. We have operating mines in New Zealand, and we have development projects both in New Zealand and in British Columbia, in Canada. So four operating mines. Takitimu, 100% owned down in the deep south. We will show you a map in a minute. Stockton, it is owned in Maramarua and Rotowaro, owned through a joint venture in New Zealand. Really the same spread with the project. Buller Project, well known to anyone that has followed Bathurst for a long time. Kokangau Project on the west coast of the South Island. We will cover that in a bit more detail. Tenas in the central northern B.C., and Crown Mountain in the well-known Elk Valley in, again, in British Columbia. So where we stood at the end of June. We had a market cap of NZD 120 million, a share price of NZD 0.50. It has come down a little bit since then, but we had cash in Australian terms of AUD 119 million, so obviously enterprise value is pretty much zero. We had an asset backing per share of NZD 1.21. Same Board that you have been familiar with over the last few years. Good range of experience and well-placed to take the company forward. Again, anyone that has heard me deliver this over the last few years will be familiar with our thoughts around strategy, and it is very much been around having a set of stable operations that are safe and profitable, which we have got with our existing operations in New Zealand, and then taking that strength to go forward. Sorry, it should be shared now. I apologize for this. Sorry, I am not—I do not know what is going on with this thing today. Now. I am having an elderly moment here, I think. Right. Hopefully you ought to be able to see that screen now. I think just in terms of, I will go back to this slide just for anyone that has not already seen the presentation. Share price, yeah, at the end of June was NZD 0.50, gives us market capital, market capitalization of NZD 120 million. We have NZD 145 million in the consolidated cash, AUD 119 in the bank, and we have an asset backing of NZD 1.21. As I have already said, we have a good consistent base of Directors that have taken the company forward to this point. Again, we have stable operations, safe and profitable. We will have a look at the results for last year in a minute. Again, we have another couple of years with our existing operations going further forward that we can continue that on. The idea of this is to grow and utilize that operational experience to grow our existing projects, both in terms of brownfields and greenfields with the Buller Project, Tenas, and with our joint venture partners with Jameson in the Crown Mountain. Our focus in capital management, definitely at the period of time when we have paid dividends and done share buybacks in the past. But at the moment, it is all about trying to have sufficient capital to sustain operations safely and profitably, and then allow them to continue their path. But more importantly, to bring on these growth projects would allow us to increase our EBITDA and cash generation while still centering around metallurgical coal. Again, we will talk about that a bit more as we go through as well. We have got zero debt on the balance sheet, minus some yellow goods financing, and it allows us plenty of headroom for future developments. We utilize hedging on our exports, where we lock in about a third of our overall production, and we also lock in the U.S. dollar, NZ dollar FX rate at that point in time as well. Really what we are doing is looking up to 12 months out, building up a book and trying to lock in super profits. Because we have got no debt, we do not have to put a worry about a floor. It is more about trying to, when we see a parcel that is attractive, we pick that parcel up. We have got a close association with our existing suppliers and also maximizing our shipment schedules to reduce our cash flow volatility. Just a little bit more detail of the New Zealand operations. We have got the two operations, Maramarua, Rotowaro in the North Island, which are domestic mines in that they supply steelmaking coal mainly into New Zealand's only steel plant. A little bit of coal going into our power generation through the Huntly plant. We have got Stockton, which is 100% export. Exporting out to South Korea, Japan, India, a little bit into China at times. But predominantly into India, South Korea and Japan, as I said. Then we have got Takitimu down south, which is really in its last couple of years supplying processed heat coal into value add to prime production. So that is dairy plants, abattoirs, that sort of thing. Food manufacturing mainly. Across those we have got various timelines in terms of life. Rotowaro has got about two and a half years left to go in its existing guise. There is another growth project, but really we are struggling for customer for that one. Maramarua, we have just got the M2 extension consented for another three years at 180,000 tons a year. Stockton obviously is the subject of the Buller Project expansions. About three years left in the existing holding. Buller Project, obviously, expansion, and we have got two years left at Takitimu. So we are actually quite heavily into the rehabilitation final sort of staging for Takitimu while we produce the last of the coal out of there over the next couple of years. Just looking at the financial results. Revenue is pretty much in line with what we achieved in 2025. Obviously, we had a guidance of NZD 35 million to NZD 45 million. Very pleasingly came in at the top of the guidance at NZD 45 million, EBITDA consolidated for Bathurst in this financial year. Consolidated cash is down a little bit from last year at the same time. We've got NZD 145 million consolidated cash including short-term deposits. That was at the end of June. Mainly because we've been spending money on these growth projects. We've got Tenas, we've got Buller. Within the joint venture, we also spent quite a bit of cash doing the final hurdle of overburden for Rotowaro, which will now be paying dividends over the next couple of years. Profit was down about NZD 9 million, so we ended up with a minus NZD -5 million loss for the financial year. Again, quite a lot of that was because of the growth of these projects, but also we had a write-down of some of the remaining asset, mainly waste in advance in Takitimu. We had a number of low-level incidents across the year, which is really disappointing across all the operations. We've had a longstanding field leadership program which we did a complete review of. The key takeaways was that the program itself was working well, but it was being really underutilized. Key takeaways from review is to reward quality rather than quantity of these interactions, so safe work interactions. Drive the need for everyone to participate. It's not a voluntary scheme. The other important milestone was an extensive upgrade to our training system. Basically, all records are now in a single database which gives us a lot more transparency. The next phase of that, two mines have already started rolling out e-learning, which then utilizing that same database system to actually allow us greater efficiency of our training hours. On the other end of the spectrum, looking at fatal risks. We've had a critical risk program that's been rolling on now for about six months. We've got one mine left to go to bring that in. It's a really good program and it's really helped the operational teams in particular, and the risk owners to concentrate on control of fatal risks. Just looking at the guidance for the year ahead. We're anticipating a very similar range, somewhere between NZD 30 million and NZD 40 million EBITDA for the year at Bathurst level. There's some unders and overs again. The export pricing looks pretty flat, but we are getting sort of towards the end of the reserve base within Stockton, and so some of the product mix is going to be at a lower pricing against the low-vol benchmark. We are going to see a slight decrease in the amount of EBITDA generated out of Stockton. We will see an increase out of the North Island operations. As I said, we got over that large hump of overburden, and we'll start repaying some of that back. The South Island domestic, Takitimu, is in that final couple of stages and so we're looking to really while we've got all the operational team there, we have only got about 12 people left out of 25 over the last 12 months. We're looking to try and complete the rehab there at the same time. We're looking at a guidance maximum of around about NZD 40 million for FY 2027. That sort of fits in well to where we've been over the last, well, really since 2018 when we took over the Solid Energy assets as part of the joint venture operations. Obviously heavily dependent on the international coal price for those export pricing. We'll never set that, but we are anticipating another good positive year this year. Again, the forward curve is looking reasonably flat, but at a really good level. I mean, we are seeing pricing out to $260 per tonne 12 months out. We are locking in some of that, as I said before, under a hedging program. Key driver at the moment seems to be actually coming from China again, where India is still going through significant drop-off in demand through the monsoon season. But we are seeing quite a significant lift in the imports into China. Particularly there's been a couple of quite large or significant mine safety incidents that have occurred in China, and there's been a crackdown within the country. I think longer term, though, everyone is still looking for India to be the major uptaker of the international coal on the market. With new plants and new coke ovens coming online over the next couple of years. Let's look ahead at our projects. Obviously, again, going back to our strategy, we have got existing operations, as we've seen, generating good levels of EBITDA, but give us that sort of experienced operator base, a series where owner-operator across all of our operations, and we want to continue that into our expansion project. M2, we've already spoken about that. We've got another three years through that recent resource consent. That's a good sign. The Buller Project and Tenas have both moved on to their next stages, and I'll talk about that as we go through. Crown Mountain is moving on as well into the next phases of environmental assessment work. Looking at the Buller Project, it's really about trying to build on the infrastructure that we already own and are already existing and already producing and getting to the market on. To the north, we've got the Stockton complex. That contains, obviously, all of the CHPP, the coal handling plant, the coal handling facility, the haul road, and the aerial to get the coal onto a train. Then obviously, then we've already got existing relationships in terms of rail and port, and customer base. The idea is then we'll join two other areas of development, Mount Fred South and the Escarpment Extended on the Denniston Plateau, with a dedicated haul road, which will then allow us over a series of a couple of years to bring on further tons and then increase the overall revenue by getting the blend back up to where it was before, somewhere around about 80% of the low-vol benchmark, as we have enjoyed over the last few years. Working, there's about 90 million tonnes of additional production will come out of that, and we're aiming for about between 1.1 million tonnes and 1.2 million tonnes a year. Relatively low startup capital, about NZD 100 million, and a good positive NPV. Looking at the production profile, the orange on here is the remaining tons within Stockton, obviously supplemented with the Buller Project coming on, and then also with the Escarpment Extended, sorry, and then with Mount Fred South as well. We do need to run these concurrently and together. It has always been a blending exercise out of Stockton. There is quite a lot of variability across even quite a small coal field. We need to have really the three mining areas open at any one point in time to be able to make sure we can meet the needs of the customers and also maximize the revenue by maximizing the yield against the benchmark. Again, it will utilize existing infrastructure very much through Stockton, existing rail and an existing path to existing customer base, sort of pegging it around that 1.2 million tonnes. Where we are up to. The application has been submitted. That is a really key milestone. That was actually, we started uploading it last, well, Friday, 21st of August. It was completed and confirmed by the EPA, which manages the fast-track process, on the 24th. Then the application gets sent out to the regulators. The regulators then get five days to comment on whether they feel the application has met the Act in their terms, so whether it is complete under the Act. The EPA has got 15 working days to make that assessment. There is another couple of tests in there in terms of whether you have got competing resource consents for the same activity over the same land, which we know we have not. Then once we get through that completeness test, that then triggers a set of very strict timelines. One of the key ones is for the expert panel to be convened. We are looking for the first conveners meeting to be sometime in early October, assuming we can get through the completeness test within that timeframe. There is likelihood of Requests for Information, RFIs, to come through if they feel there is some additional information required. We cannot really say that is going to be set and concrete for timing. What I will do is we will update the market as soon as that occurs because that then triggers, as I said, the actual timeline to get to the end of this thing. They are very fixed and very tight time frames with some ability to extend those if there are extenuating circumstances. Again, it is a really good milestone. One of our guys did say it is like we have been training for the marathon for about the last two years since the Fast-track Approvals Act 2024 came in, and a lot longer prior to that with drilling. Obviously, the Buller Project has been in our portfolio since 2010. This is not a fly-by-night sort of operation. It takes about 12 months to get through it. We have got the submission in. We anticipate we are going to get somewhere between 140- and 160-day assessment period. Again, we will then be out of it in probably a little bit later than this month next year. The good thing about fast-track, though, when we come out of that, we actually will have our mining permit, we will have all of the consents, all the resource approvals that we require to actually go mining. So I suppose the next key steps is updating the PFS to a DFS level. There is some early works that we will look to get onto in the second half of the FY 2027, mainly around geotech and road designs and some of the things like the water treatment plants and stuff like that to give us a bit of a head start. But really the critical thing is getting through the fast-track process. With Tenas, again, we have reached a significant milestone. Obviously, we updated the DFS late last year, October. We are aiming for about 750,000 tonnes of semi-soft coking coal product. It is close to port in Canadian terms, out through to Ridley. We are right on the railway line with an owned block of land. Again, about NZD 140 million. This is a total greenfield site. NZD 140 million startup capital. It is going to have a low cost of production because it is a low strip ratio mine. We are going to be mining at less than 4:1 strip ratio through most of the blocks. A good solid NPV, post-tax of around NZD 270 million. So again, the exciting part here is that we have been through the information request phase with the Environmental Assessment Office. We have now submitted the environmental certificate. It has been accepted for assessment. Now, that assessment period is a set 150 day. That is not working days, that is actually set timeframe. Then there is a 30-day decision period after that. So there is 180 days to a decision either for or against, and we believe at this point in time, that will definitely be for. So again, we will be looking to have that decision January, February next year, assuming that timeline continues on. There is normally, at this phase, not a lot of Requests for Information because we have had extended period of that with each of the regulators requesting information and replies going back. We are looking to, and reasonably confident that we will get that certificate issued in a timely manner. So how that fits in though, with the certificate, we then have got to apply for a mining permit, and so there is about a nine-month period of work required to get that mining permit in place and then submitted for approval. We really cannot do that in parallel. It is very much a series because we have got to see what the final conditions that come out of the environmental certificate then feed very much into the mining permit. The mining permit then deals with all of the usual matters you would imagine a mining permit would. Geotech stability, health and safety aspects, some environmental aspects, but mainly the actual operation of the mine, and how we are going to carry out the condition sets that have been set through the environmental certificate. So again, we have got a bit of a forward program that we are looking at in terms of the access road, mainly establishing a bridge, which will over the Telkwa River, which will allow us access to the site, and then going on from there. So just really recapping where the position we are up to in terms of the company as we stand today. So we have got NZD 152 million in the bank as we stand at the end of July. That is in New Zealand dollars. We have got zero debt. We are anticipating we are going to earn somewhere between NZD 30 million and NZD 40 million for this next financial year. In terms of New Zealand terms, we have a NZD 1.48 net asset backing per share. To bring that back to our share price, obviously today we are at NZD 0.45. We have a cash backing of NZD 0.53, and we have an asset backing of NZD 1.23. There is a strong business that sits below this and a lot of prospects looking forward. Again, to recap the same thing. Profitable operations, we have the Buller Project, which has now had the application submitted on the fast track. Metallurgical coal is listed as a New Zealand's Critical Minerals List. We have shown that it is a good project in terms of the PFS. We just have to update that now with a more refined DFS, and we are looking to be producing late 2028 into 2029. The Tenas project, very similar sort of basis. We have now started the race for the environmental permitting, and we are looking to be producing there in 2029. We hold good cash in reserves. Obviously, the BT development side of the Buller Project is fully funded. We have additional opportunities for growth. Why should you invest in Bathurst? We have more and more of our revenue coming from steelmaking, and we have a portfolio that is going to deliver a large number of assets. We will double our capacity at Bathurst level into coking coal. There is global recognition, not only in New Zealand, but in the U.S. and in Europe, that metallurgical coal is in short supply and that those pressures are only going to increase. It is of a critical importance to steelmaking. We have good operations that we can show regulators and our communities that we can operate safely and within a good environmental footprint. We have a good balance sheet that we can build on. We have strong cash reserves, and we have near-term production within New Zealand and British Columbia at relatively low cash levels. Again, thanks very much for your attendance. Apologize for the bit of delay in getting the presentation to you up front. No, I look forward to updating you again once we get through this completeness phase in the next month or so. That is a key milestone for the company. Again, I cannot understate how important it is to get in these races, both in terms of Tenas and Buller. We are now very much in front of the regulators and we have started the process. I am really looking forward to continuing on with that. Thanks very much for your attendance and any questions, send them through on the link that is in the invitation. Thanks a lot. Bye-bye.