Thanks for taking the time today. There are three things I want you to take away from today, people, pounds, and a pathway to production. DYL has never had a shortage of uranium. What has changed is that we're putting the people, capability, systems, and execution discipline around those assets to build a global uranium company. Our immediate focus is on Tumas and getting ourselves into a position to make disciplined FID decisions. Tumas is not the destination. It's the first step. We have one of the largest uranium resource bases of any independent developer. We have Tumas, a fully permitted long life project in one of the world's best established uranium jurisdictions, moving towards FID. We have deliberately strengthened the team with people who have built, operated, and led complex mining businesses. We have significant growth optionality in Namibia and Australia, and we are doing all of that into what we believe is an increasingly compelling uranium market. The thing I want you to judge us on isn't the size of the resource. Judge us on execution. Watch whether we continue doing what we said we would do, whether we systematically remove risk, whether we allocate shareholder capital intelligently, and whether we build Tumas in a way that creates the platform for the company that comes after it. Because ultimately, our ambition isn't simply to build a uranium mine, it's to build a global uranium company. Deep Yellow has never had a shortage of uranium. What has changed is that we are now putting the people, the capability, the systems, and execution discipline around those assets to turn them into a global uranium business. Our immediate focus is Tumas and getting ourselves into a position to make disciplined FID decision. Tumas isn't the destination. It's the first step in building a much larger uranium company. The new deck retains people, pounds, and pathway to production as the core framing. We have four strategic pillars, disciplined execution, prudent risk management, maintaining exposure to uranium upside, and safety and operational excellence. The equation underneath is far more important. Execution skill set plus an execution plan equals execution success. We have spent considerable time making sure we have both. Our approach to Tumas is deliberately disciplined. We aren't trying to be the first. We aren't trying to hit an arbitrary date. We are trying to make sure that when we commit shareholder capital, we understand the risks and have removed as much uncertainty as reasonably possible. That philosophy runs through everything you'll see today. One of my first observations coming into Deep Yellow was that the company already had something extremely difficult to replicate, deep uranium knowledge. Chris, Craig, Andrew, Darryl, and the technical team have decades of uranium experience. What we've deliberately added during 2026 is a different capability, large scale execution and organizational leadership. Myself, Zebra, Sinead, Jen, and Andrew McLean bring experience from major operating businesses, large projects, and complex jurisdictions. That's important because we're not trying to build a project team that disappears when Tumas is finished. We're building the company that will own and operate Tumas and then build what comes next. I don't put this slide up because Tumas is OT or an aluminum smelter. It's here because I've spent a large part of my career around complex capital projects in difficult jurisdictions. OT taught me enormously about greenfield development and ramp-up. Rincon was about introducing new technology and building capability in Argentina. AP60 was a major industrial project in Canada. The common thread here is execution, and one thing I have learned is that projects rarely fail because somebody couldn't draw the flow sheet. They get into trouble at the interfaces, people, planning, contracts, readiness, operating systems, and risk. That is why we are doing so much of that work before FID at Tumas. There is Zebra. You cannot execute a project like Tumas from Perth. Zebra has more than 35 years in Namibian mining, including Rössing, Tsumeb and leading the Chamber of Mines. He understands the uranium industry, but equally importantly, he understands Namibia. He understands the government, the communities, the industry, and how things actually get done. Those relationships aren't something you buy from a consultant. Zebra gives us a genuine in-country leadership and is fundamental to how we are setting Tumas up for success. Let us talk about the assets we are preparing to build. There are a lot of uranium projects in investor presentations. There are far fewer that combine what Tumas has. 20+ a year mine life, a shallow ore body, simple mining methodology, fully permitted, existing infrastructure, and a skilled workforce. It is in a tier one jurisdiction and has significant near mine growth potential. That combination matters. This isn't a remote project requiring us to create an entirely new ecosystem around it. Namibia already knows uranium. It has the people, the infrastructure, the regulatory experience, and a long history of uranium production. That is a significant advantage. This is also not a desktop project. The board has been there. Our employees have been there. The U.S. ambassador has been there. We have blasted, we have completed the bulk earthworks, and we have awarded the civil contracts. Importantly, we have now completed NamWater and Oponona agreements. These aren't isolated announcements. They are pieces of the same puzzle. Each one removes another uncertainty between us and execution. Water is one of the most critical long term operating inputs for Tumas, and we now have that agreement in place. With Oponona, we have formalized 5% Namibian ownership, something we are genuinely pleased about because we want Tumas to be built with Namibia, not simply built in Namibia. You will continue to see us systematically close out the remaining items as we move towards FID. Sometimes an aerial photograph tells the story better than another spreadsheet. This is Tumas. You can see the processing plant area, contractor establishment area, power infrastructure, ROM roadways, and work already completed on the ground. This is important because when we talk about readiness, there is physical evidence of that readiness on the ground. We aren't waiting for FID to start thinking about how we are going to execute. We are preparing the battlefield now. I also want to be very clear about what successful execution means in Namibia. We aren't flying in, building a mine, and flying out. Our target is 98% Namibian participation across construction and operations, with around 1,200 people through construction and approximately 600 in operations. That is good for Namibia. It is also good for business. A locally based workforce gives us capability, continuity, and ownership around a mine we expect to operate for decades. The community initiatives around the outside of the slide are important, but social license isn't ultimately about donations. It's about whether the community believes its future is better because Deep Yellow is there. That's the standard we need to meet. FID is anticipated in Q4, subject to market conditions. Think about what this means. We're doing an unusually high amount of work before asking shareholders to commit major capital. Why? Because engineering gives you certainty. Tendering gives you certainty. Earthworks gives you certainty. Contracts give you certainty. Every one of those things progressively reduces the number of assumptions sitting inside the FID decision, and importantly, the remaining work is very clear. Finalize the project optimization, finalize the funding package, and then put ourselves in a position to make the FID decision. We want FID to be the culmination of de-risking, not the beginning of it. When I arrived at Deep Yellow, I didn't assume that because Tumas had been through a feasibility study, there was nothing left to challenge. Quite the opposite. We went back through mining, processing, infrastructure, CapEx, OpEx, and the whole operating model. We challenged ourselves before committing to it. That's produced five critical workstreams: mining optimization, operational readiness, cost model review, contractor onboarding, and the Deep Yellow Way. This isn't about delaying FID. It's about making the FID decision better, and importantly, we're encouraged by what the work is showing us to date. This might look like a culture slide. I assure you it isn't. It's an execution slide. Major projects can have excellent engineering and still perform poorly because work isn't planned properly. Leaders aren't at the work face, critical controls aren't verified, and organizations don't learn quickly enough. We're building that operating discipline around lead, execute, protect, and learn. Our work is planned before it starts. Our leaders are in the field. Critical controls are understood and verified, and every escalation is answered and fed back into the next plan. At the center is a very simple outcome, safe, productive work. Every task, every team, every shift. We don't want to discover our operating culture six months after commissioning. Alongside the technical work, we're looking very carefully at funding, and we're deliberately keeping the aperture wide. Debt, equity, strategic capital, government participation, bonds, convertibles. Different structures solve different problems. We're currently working towards credit approvals for the project financing while progressing a number of other funding sources in parallel. Hand in hand with this process is securing uranium offtake agreements, and there has been a lot of positive engagement with utilities. We're not ideologically attached to any source of capital. The simple test is what structure gives shareholders the best combination of certainty, flexibility, risk management, and cost of capital while minimizing unnecessary dilution? We have a strong balance sheet today, which gives us the luxury of being thoughtful rather than desperate. We're going to use that position, and importantly, we're not looking simply to solve a funding problem. We're trying to construct the funding package that maximizes long-term shareholder value. Tumas isn't the end of the Namibian story. Immediately around Tumas, we have Tinkas and S-Bend. Those are particularly interesting because proximity creates the potential for relative capital-efficient additions to the existing operation. Further out, Aussinanis and Nova provide longer-dated exploration optionality, and Omahola is different again, a substantial resource with potential as a standalone development. The way I think about Namibia is build the hub, fill the hub, then look beyond the hub. Tumas gives us the platform. Then we come to Mulga Rock. The asset sometimes gets lost because Tumas is so advanced. It shouldn't. Mulga contains 104 million pounds of uranium, has a granted mining lease, and is the only WA uranium project to have achieved substantial commencement. We also have identified rare earths upside, and DFS optimization is underway. Geopolitically, the asset has become more interesting following the Australian-Indian uranium supply agreement. Clearly, WA policy remains an issue. Our response isn't to sit around waiting for politicians. Our job is to do the technical work, demonstrate the economics, and make sure that if and when the policy environment changes, Mulga Rock is ready. It's a very significant piece of strategic optionality inside Deep Yellow. Then there's Alligator River. This is earlier stage, but geologically, it's extremely exciting. Angularli already contains 33 million pounds at greater than 10,000 parts per million. We're sitting in one of the world's greatest uranium provinces, alongside deposits like Ranger and Jabiluka. The geological model is very different from Tumas. These are high-grade, Athabasca-style unconformity targets. We have support from traditional owners and multiple priority targets to test. This isn't part of the near-term Tumas investment case. But if you ask what can create the next generation of value for Deep Yellow, this is exactly the kind of exploration exposure we want in the portfolio. So far, I've talked about Deep Yellow. Now let's talk about the market we're building into. I think uranium is approaching a genuine inflection point. There are four things happening at the same time. Firstly, a global nuclear renaissance. Energy security has become national security. Governments that were previously ambivalent about nuclear are increasingly recognizing that reliable, secure baseload electricity matters. China is targeting up to 500 GW by 2050, the U.S. 400 GW, and India 100 GW by 2047. Secondly, the demand pipeline is real. There are 79 reactors currently under construction, and Westinghouse has 91 AP1000s in its pipeline. These aren't theoretical conversations about whether nuclear might come back. Nuclear is coming back. Thirdly, AI and data centers are introducing an entirely new demand driver. The amount of investment being contemplated is extraordinary. Around AUD 9 trillion of AI-related CapEx from 2026 to 2030 is referenced here. Lastly, supply remains challenged. We're seeing constraints around sulfuric acid in Kazakhstan. Kazatomprom itself has talked about the era of cheap uranium fading away. Then look at the chart on the right. Roughly 200 million pounds of global uranium requirements and around 149 million pounds of existing production. To get anywhere close to balancing the market, TradeTech assumes another 42 million pounds of new production, requiring 29 new projects to commence operating within the next five years. That's the number I'd focus on. Because needing 29 new projects and actually getting 29 new projects permitted, financed, built, commissioned, and ramped up are two very different things. Increasingly, I don't think the uranium market is asking, do we need new mines? It's asking, which new mines can actually be built? That's where I think Tumas becomes increasingly differentiated. This is the other part of the uranium story that sometimes gets missed. For more than a decade, utilities have under-contracted. The replacement rate is roughly 150 million-180 million pounds per year. Yet only 116 million pounds were contracted in 2025 and only 37 million pounds have been contracted year to date. Around 60% of future requirements through 2045 remain uncovered, approximately 3.2 billion pounds. Think about that. The nuclear industry is growing, primary supply is challenged, and utilities have spent more than a decade contracting below replacement levels. Ultimately, utilities can't run reactors on sentiment. They need physical uranium under contract. The other important point is that the current level of contracting isn't yet sufficient to create the liquidity and price signals needed to incentivize all of the greenfield supply the market is forecasting. That tension has to resolve somewhere. Let me finish where I started. People, pounds, pathway to production. We have one of the largest uranium resource bases of any independent developer. We have Tumas, a permitted long-life project in one of the world's established uranium jurisdictions moving towards FID. We have deliberately strengthened the team with people who have built, operated, and led complex mining businesses. We have significant growth optionality in Namibia and Australia, and we're doing all that into what we believe is an increasingly compelling uranium market. The thing I want you to judge us on isn't the size of the resource. Judge us on execution. Watch whether we continue doing what we said we would do. Watch whether we systematically remove risk. Watch whether we allocate shareholders' capital intelligently. Watch whether we build Tumas in a way that creates the platform for the company that comes after it. Because ultimately, our ambition isn't simply to build a uranium mine, it's to build a global uranium company. Thanks for taking the time today.