Craig Bradshaw and CFO, Jono Kort. The discussion today will focus on the company's recently released September quarterly. In particular, the team will be discussing the various operations of the company, overview of an exploration update, financial performance, and capital plans, the global tungsten market as a bit of an overview for people. Also, we've been accepting, and thank you very much for everyone that's submitted some shareholder questions to this point. They've been coming through, and they'll help inform the discussion today. Welcome, fellas. Thanks for joining us, and thanks for, I'm sure everyone also sends their thanks for giving this opportunity to hear from you directly. Craig, I think we might just throw to you for the start. It's obviously been a very strong quarter for the company. What's sort of driven those results, and can you just provide us a bit of a brief overview of what's happened over the period? Yeah. Thanks, Matt, and thanks investors for joining. Look, certainly it was a strong quarter. I've said previously, we're a good quarter behind where we would have liked to have been. So, the September quarter was really where we would have liked to have seen the June quarter. But because of a variety of events, not the least of which was the one-in-50-year rain event we had in Spain back in January 2026, as well as then significant weather events at Carbine around the same time, everything got delayed relative to where it otherwise would have been. But we re-accessed the main pit in Barruecopardo in Spain in July. That enabled us to get back access to quality ore, and then we've continued to mine that and feed that. We had our best production month ever at Barruecopardo in August, and performance there has continued to run really well. Mount Carbine equally has had solid improvement in performance. It continues to improve. It's not hitting the shooting the lights out in terms of where we'd like to be, but we can get into details as to why that's the case and what we're doing about that. But solid quarter. Fantastic. Okay. We touched on Barruecopardo in Spain. Obviously, that has been the standout for the quarter, with some really good production coming out of there, doubling of production, if I am correct. Maybe take us through that a little bit, Craig, and what sort of led to that performance, and do you see that performance as being sustainable from here on in? Yeah, look, we had done quite a few different changes to the circuit over there. We had installed additional equipment. We had a really good quarter in December 2025. We had the one-in-50-year rain event, and that really subdued performance for that plant for about six months based on the material we were able to feed it. In the September quarter most recently, we were able to access the higher-grade ore back in the base of the pit. Our mining there has significantly outstripped our processing. We have around 670,000 tons of quality ore sitting on the ROM stockpile in Spain at the moment. That is giving us a quarter and a half equivalent of production that we have sitting on the ROM. We are continuing to mine the base of the pit ahead of the upcoming wet season. That is also how we are going to mitigate risk from that operation as we head into the back end of this year, that we will have a significant stockpile of ore sitting on the ROM pad. If we do have a significant rain event, we can allow the base of the pit to flood, and that will have no impact on operational performance there, given the ore that we have stockpiled. Yeah, it looks really good. The recoveries are squeaking up. We actually got towards 63% in September. We are seeing the benefits of the investment and the changes we are making in the circuit. We expect that to then continue. We are seeing some of the best availability we have had in that circuit, so changes to maintenance practices, maintenance processes, proactive maintenance. We are getting excellent availability and utilization in that circuit that then it is all coming together nicely. Okay. Brilliant. Yeah, that sort of robustness of the project and the stockpiles and things you have there to sort of shield against a rainy day, I guess, is a real positive. Just leaping over, changing continents now, we will go to Queensland and Mount Carbine. How is that tracking? Given it has been, investors perhaps see that as a slightly, a little bit more problematic in a sense, compared to the Spanish asset, but lots of positives there with good production uplift over the quarter. Yeah, look, we still got a production uplift in Carbine. We were up, we did 17,000 mtu, up from 13,000 mtu in the prior quarter, so that is up, what is that, 30% quarter-on-quarter. We continue to have, we have accessed the Alark ore body, we are accessing quality ore. The grade going into the plant averaged 0.29%, so that is solid, but we have just continued to have equipment issues at that operation. The way that circuit works, it is multiple units of operation that are physically separated, so our ability to actually maintain higher-grade feed consistently through to the ore sorters, as well as then through to the gravity plant, has been impacted by the fact that we have had predominantly secondhand equipment that had a lack of maintenance, and trying to push that equipment hard has resulted in different failures. Within that, we have been, as cash flow has become available, we have been buying new equipment for that circuit, recognizing the fact that a lot of that equipment gets replaced with the new circuit that we are building, that will then double the crushing capacity, go from two ore sorters to four ore sorters. The new circuit takes away all those issues that we have had. But we have got to get from where we are at the moment through to the new circuit comes online around the end of March 2027. We have been buying new front-end loaders, new crusher, new screens. We have actually bought a new mobile sorter that is being commissioned as we speak. All those things will just help us get that higher grade upgraded material through to the gravity plant. Gravity plant itself is performing really well. The average for the quarter was 78% recovery. At the back end of September, we were running around 83% recovery. So that is back where we want to see it. But it has just been ongoing equipment issues that have caused us the problem. We do expect to see, through the December quarter, improvements as a result of newer equipment being delivered to site, commissioned, and brought into operation. That equipment won't be wasted. Once we have the new circuit operating at Carbine, a lot of the equipment we have bought will be equipment that we will actually relocate down to Wolfram Camp, subject to Wolfram Camp drill out being successful. That will give us a head start on restarting the Wolfram Camp operations. Fantastic. Jono, we might leap over to you now and just touch on some more financial aspects. Going through the quarterly, cash costs across the business have fallen by about 30% and down to about $ 483 an mtu. We can come back to this a little as well, but with the guidance that the company's recently put out, given that's the higher end of your guidance range at this point, can we expect to see more reductions there in those cash costs? No, Matt, 100%. The main driver behind the reduction in our cash cost across the group is off the improved performance at Mount Carbine. That 30% almost equates perfectly in line of production, in lines with the reduction in cash cost. Like any good mining operation around the world, fixed costs make up a predominant amount. I'll say that around that 80% fixed cost, maybe a little higher. You see Barruecopardo running at, for the last quarter, $ 366 an mtu,$ 349 per mtu the previous quarter. As Mount Carbine's production continues to ramp up, you will see further reduction. When we get to that steady state on the expansion project, once that's been delivered and we're seeing the higher, further high production, you'd be expecting that cash cost to be in the order of about $350 US an mtu. Okay, fantastic. Going to the balance sheet, Jono. Obviously, it's looking as strong as it ever has been for the company with AUD 82 million in the bank. What are your capital allocation priorities from here, given you've got that cash ready to go? Yeah, no, it's a great position to be in, given the work that's been done across the business. We generated AUD 75 million in operating cash flows, of which we're also injecting between now and March up to AUD 40 million to pay for the expansion project. We're going to focus on reducing debt. We had the EUR 15 million Traxys facility that came in in February this year, so we will look to close that out as well as any offtake advance payments from when Mount Carbine was actually incepted over the next couple months. Looking ahead beyond that, we've got the I think Craig will talk to you about the reserves and resources, but we obviously have studies behind those, so we'll have a look at the capital needs there. We will look to build the war chest for prospective M&A. But lastly but not least, we will also be assessing our ability to provide returns to shareholders. That will be based, I guess, on an IRR assessment between buyback and dividends. In FY 2027, we expect that our tax losses will be consumed, so we will be looking at that very carefully in the second half of FY 2027. Okay. Brilliant. Earlier in the year, the company announced an intention to pursue a U.S. listing. That is obviously a topic that has got people thinking. So any update there, Jono, on that particular topic? Yeah, no, look, work continues in the background. We got to do the PCAOB audits for the last three years, including FY 2027. With the reserves and resources, those will be S-K compliant when they are updated in the second half of FY 2027. So we are still on track for that listing in 2027. It will probably be in the second half. But all work is progressing towards it. Yeah. What are the potential benefits, Jono, that you see that potential listing brings to the company and its shareholders here as well? Look, from our end, it gives us a better depth of capital, I think, from a capital markets perspective. I think any analysis you do between ASX-listed critical minerals stocks, whether it's tungsten or vanadium or uranium and rare earths, you see a multiple differential between the U.S. and Australia. We do expect to see a substantial uplift for the business. We saw the effects that can happen of us going into the REMX ETF. We think that that provides a really strong place for us. In addition, given the work that we've been doing in supply chains and the significant base of our shareholders are residing in the U.S., we see like it's a good fit for us. Perfect. Thank you. Craig, back to you now. Just, there's a lot of growth projects that the company's undertaking. There's the Mount Carbine expansion. How's that tracking in terms of timing and budget items for that? Yeah, look, really well. It's on track, both schedule and budget-wise. Probably the only potential delays we've got are shipping delays, in terms of equipment. A lot of equipment we've got is currently on the water, and due for delivery, over that Christmas, New Year period. Ideally, some of that gear arrives before Christmas, as opposed to in that window. But the key thing is that, at this point in time, it's on track. We expect to be finishing construction around the end of February and start commissioning in March. Really pleased with how that's come together. And from a budgetary perspective, we're on budget, so it's good. Great. A lot of drilling going on, reserve and resource definition drilling. Again, just worth touching on how that's progressing. It's across three projects, of course, Barruecopardo, Mount Carbine, and Wolfram Camp. How do you see that progressing at the moment, and what can people look forward to in terms of timing of results and what's happening and the outcomes of all that work? Yeah. We are still drilling at Barruecopardo at the moment. That is ongoing. We had some delays in getting core cut and off to assay labs. That is now back on track. Mount Carbine, we completed phase one of drilling. We are just waiting for interpretations on some of that drilling. We shifted the rigs down from Mount Carbine down to Wolfram Camp. We then had some issues with the drilling contractor. We are not happy with the safety performance of that drilling contractor, so we have dismissed that drilling contractor and got a new one. As a result of that is probably about two weeks behind where we would have liked it, but we have commenced drilling at Wolfram Camp there in the last couple of weeks. In terms of that, once we finish, we expect to be drilling down at Wolfram Camp right through up until when the wet season hits. We will drill both the Wolfram Camp old pits, the Parrot Pit and Wolfram Camp Pit, as well as the areas in between that. We will actually shift the rigs. If we can get all that work done, we will shift them up to a target that we have got just north of there called Bamford Hill. We will drill Bamford Hill as well. But once the wet season starts, we cannot continue to operate there. We will pull those rigs out, and what we are going to do is we are going to continue to drill at Mount Carbine through the wet season. Mount Carbine itself, the only challenge with Mount Carbine is because it is on a highway, is periodically access to the site gets cut, and access into the pit gets cut depending on how bad the wet season is. There is no restriction in terms of us continuing to do drilling during the wet season in North Queensland. Uniquely, we will be drilling through the wet season, both looking at drilling gaps in the previous underground work, as well as follow-up drilling as a result of the drilling we have just recently completed, with a view that we will have updated JORC resource and reserve and an S-K 1300 for the U.S. listing completed for Barruecopardo, Mount Carbine, and Wolfram Camp, within FY 2027. Okay, perfect. Another announcement from the quarter is, the company secured a 10% interest in a tungsten processing JV in the U.S. with Elmet and Blue Moon. Sort of a different style of joint venture perhaps for the company. Be worth just touching on that, Craig, the benefits there and how that works for you guys. Yeah, look, certainly. Myself and a number of members of the team were in the U.S. last week. I've picked up a bit of a flu as a result of coming back, but we were over there for that joint venture and doing the kickoff meetings with the joint venture partners and reviewing the design and the schedule and the necessary agreements to give life to that joint venture. That's all progressing quite well. Fundamentally for us as EQ today, we produce concentrate. Tungsten concentrate, people want it. It's in demand. We're still delivering in the backlogs. We've got no shortage of customers for our product. But the price-setting mechanism is APT, Ammonium Paratungstate. Given that we don't produce Ammonium Paratungstate, we are not a participant in the price-setting mechanism for the market or for pricing. If we want to be a participant in that, then we need to be in the market selling APT and producing APT. The joint venture gives us that pathway into moving beyond just concentrate into Ammonium Paratungstate and tungsten oxides, and gives us a seat at the table in terms of that price-setting mechanism. I've got no doubt there's a number of our customers who are on this call that, a number of them are fully integrated suppliers. Depending on where it makes sense for their book, they may or may not sell APT into the general market because of pricing outcomes that they're trying to achieve themselves, or what they're trying to do in their downstream. Within that, we think there's issues in terms of the transparency within the market, the way that the PRAs work. The best way to overcome that is to have additional processing capacity that's not in the hands of the fully integrated players, so that there's material that is available on the spot market, and you end up with a more transparent market as a result. We see ourselves as a core participant in that, given the volume of concentrate we're producing today and expect to produce into the future, and our ability then to convert that into the market-defining product. Okay, that's great. There's probably a little bit of a segue, Craig, into just touching on the tungsten market more generally, and you've given a pretty good overview there. What are the sort of the current conditions in the market? There's obviously been a bit of a price spike that's maybe dropped back a touch for the time being, but where do you sort of see the future outlook for that? You touched on the APT side of things and the concentrate that you're producing at the moment. Yeah, look, I mean, it's interesting. The APT price, Fastmarkets Rotterdam got up to around that $2,900, $3,000, $3,200 mark. It's since dropped away from there. We know that European summer is normally a softer period for downstream because, from a European perspective, a lot of holidays get taken, so therefore demand is normally shorter. So it's not unusual for prices to drift during that period. The tungsten price at the moment, APT, sitting between $2,450 and $2,900. It's sitting at around $930 an mtu in China. You can't buy any out of China. That hasn't changed. But certainly some of the downstream tool producers are under attack by Chinese suppliers. They're producing a tungsten drill blank for less than half the cost of a Western supplier. Within that, we do see not so much demand substitution, but demand destruction from a point of view of the West losing some market share to, not at the high-end product value, but at the low end, drilling blanks. That's where that market share has been lost recently. But ultimately, that hasn't driven the price down by a long way. We think that a number of the tool manufacturers are trying to push the price down to get some equality between Chinese pricing and Western pricing. But quite simply, there's plenty of demand in the market still for product. The prices are held up fairly well at that $2,500 point on the low side. We think that's still a fantastic price. We can still sell everything we produce. We've got plenty of customers for our products, and none of that's changed. But the lack of transparency in the market means that you do have integrated suppliers, depending on where they're trying to make their market and make their price, they'll try to shift the market around at any given point in time. Okay, brilliant. Just linked to that, we've had a question come through about potential hedging, and I'm not sure if there's a futures market or anything like that for product, but it's an interesting question that's come through, so I thought it was- Yeah, CME have announced the intention to open up a futures market for tungsten and right around the critical minerals. I think it is interesting. I am not a big proponent personally of hedging. I have seen a lot of gold companies lose a lot of money as a result of taking hedging programs. I think hedging is important if you are trying to build a project and you need to underpin your funding for development. That may be a pathway. At this point in time, it will be interesting to see whether the market gets the liquidity it needs from a hedging perspective to actually be a viable market. I think that has always been the challenge in tungsten. You are looking at a global market of 150,000 tons, 50% consumed in China, 50% consumed in the rest of the world. Of that consumption in the rest of the world, 40% of that comes from scrap. A lot of the downstream consumers use scrap as their hedge because, historically, scrap has been cheaper than buying fresh units, but you cannot survive on scrap alone because of the consumption of it and the lack of recovery of it and the applications that have no scrap recycling. We think it is an interesting development. We will be certainly watching to see how that plays out. We believe that the fundamental way to ensure your business viability is be the cost leader, and then hedging becomes an irrelevance because you are making money all the time. Perfect. Thank you. Jono, just a question for you, and it has been a bit of a theme coming through. There was an invoicing error that occurred with a particular customer, some 12-odd million dollars, just a touch over. A few people just asking and saying, "What is the status of that, and how is that getting rectified at the moment? Yeah, no problem. We obviously accounted for that in our FY 2026 accounts, and we continue to negotiate with the customer an appropriate plan for us to receive the money. That is underway. Negotiations are positive. They want a long-term relationship with us, and as do we with them. We are still confident it will be resolved in a timely manner. Okay, perfect. Craig, you would have seen, people would have seen in the last quarterly, for the first time, the company has provided guidance around its production, cash costs, and capital expenditure. Perhaps take the guys through, the investors on the call, through that step. There are the ranges within that, where they fit, and then the ongoing sort of update cadence around those sort of production and cost numbers and so on. Yeah, look, it is one of the things that we have been wrestling with for some time. In previous quarterlies, we talked to the market about the fact that the ASX deems that we are an explorer, not a producer, which I find ironic given the fact that we have only actually just started doing exploration work now. We have been a producer for some period of time, and we are getting further up the production curve. Really from an exploration perspective, we have only just become an explorer. Anyway, look, what we ended up doing was providing monthly updates in the absence of giving guidance, and that was our way to try and keep a fully informed market. We have gone and had legal advice and support, and within that, discussions with relevant parties. On the back of that, to keep a fully informed market, we are providing guidance for the first time in the quarterly. We have given a range there then of what we expect our production to fall within for the current financial year, where we expect our cost to sit for the current financial year, and where we expect our capital spend to sit. Now, we expect as we go forward not to give the monthly updates anymore because we are providing guidance. Within that, then if there is going to be variation to guidance, we will then provide an update on that in accordance with ASX Listing Rules. We think that is a solid step forward. It speaks to the confidence we have got as a business in terms of being able to deliver consistent, stable results compared to where the business has been in the past, and deliver on the commitments we are making. Okay, great. Just one more question that has come through, and given, as you say, you are now a producer, there is good cash coming to the business. There has been a question about potential for dividends. Just think it might be worth addressing what, if any, plans the company may have around that. Yes, I will take that, Matt. I think, as we look at our cash usage, as we were talking about earlier in the webinar, we will look at obviously reinvesting in the business as well as an appropriate capital management plan. That capital management plan will be based off an IRR around buybacks versus dividends, noting that in FY 2027, we have still got tax losses to consume. That would obviously impact your franking credits on any dividends. But it is something the business is turning its head to and all aware that as we build cash and as we progress the business, we will be looking to providing returns to our shareholders, whether it is in dividends, buybacks, or a mix of both. Perfect. Okay. Craig, I think we are sort of coming up towards the about the half-hour mark. Might be good just to get a bit of a wrap-up from you. Obviously, it has been a very successful quarter and period for the company, a big turnaround from where you were probably some 12 months ago. But what can people sort of look forward to from here for EQR? Because I think the future is looking very good. Yeah, I think if we run through operationally, like Barruecopardo, we expect a continuation of its performance. It is running at solid production numbers, good recoveries, good operating costs. We expect that to continue. We do expect to be issuing some drill results in due course once we get assays back and then tie them to holes. So that will be positive news flow in due course. Over at Carbine, we expect Carbine to continue to ramp up on the back of current new equipment we have bought and we are installing in the current circuit, in particular on the crushing side. We expect that to flow through into increased production through the December quarter. Obviously, with the new circuit then coming online, finished construction around February, commissioning in March, that then results a significant step up there as well. We do expect to start releasing drill results in due course from Carbine as well, as a result of the new GM discovery and growth coming on board, building a team, getting through assays, tying them to holes, and doing the appropriate QA/QC for that. We expect that to be a positive news flow there. Drilling at Wolfram Camp, like I said, we started drilling there over the last couple of weeks. We are seeing really interesting. The original concept there was for us to go into Wolfram Camp and process the old waste dumps and tailings there. With the increase in prices, we have gone back into the existing pits, and we are drilling those out. Based on the interpretation we have got on that at the moment, we are seeing a lot of potential for tungsten, but also molybdenum and bismuth. We are doing work there on a potential new flotation circuit that would get us back into molybdenum and bismuth production at that site if we get the results we are expecting to see as a result of the drill-out. That is quite positive. We have obviously got the JV that we have kicked off over in the U.S. with Elmet and Blue Moon Metals, and we expect that to continue to gather pace towards what currently we expect to see a restart of the APT processing there towards the end of 2028. A number of activities on a number of fronts. We have also appointed a new Chief Operations Officer. He will join in January, and that then bolsters our corporate capability and team to then ensure that we can actually work on a number of fronts at the same time. Very exciting times for us. Fantastic. Okay, I think we might wrap it up there. We just sort of hit just over the half an hour mark. Thank you, everyone, for joining, and thank you to Craig and Jono for providing the update. I appreciate there has been some, in the time we have had, there might be some outstanding questions. We certainly have those recorded here, and we might be able to come back to you on a couple of those directly. If your question did not get addressed right at this particular point, we can certainly come back to you on that. Thank you very much, everyone, for participating. Thank you for supporting EQR, and enjoy the rest of your Wednesday. Thanks very much. Thanks, peeps. Thanks, everyone. Thanks for your support. Stay safe. Cheers.