Welcome to Imdex Limited FY 2026 results presentation. Following the formal presentation, there will be a Q and A session for investors and analysts. Participants can ask both text and live audio questions during today's call. To ask a text question, select the messaging icon, type your question in the box towards the top of the screen, and press the send button. To ask a live audio question, press the Request to Speak button at the top of the broadcast window. The broadcast will be replaced by the audio question screen. Use the dial-in number and access PIN provided to ask your question via the phone. Alternatively, for those on a home or personal network, you can ask your questions via the web by pressing Join Queue. If prompted, select Allow in the pop-up to grant access to your microphone. If you have any issues using the platform, dial-in details can also be found on the homepage under Asking Audio Questions. Text questions can be submitted at any time, and the audio queue is now open. I will now hand over to Imdex Managing Director and CEO, Paul House. Thank you, and welcome everyone to Imdex's FY 2026 full year results presentation. Today, I am joined by Linda Lim, our Chief Financial Officer, Shaun Southwell, our Chief of Exploration and Production, and Michelle Carey, our Chief of Digital Earth Knowledge. Linda and I will take you through the presentation, and at the conclusion of our prepared remarks, Shaun and Michelle will also be available for any questions. FY 2026 was the strongest financial year in Imdex's history. We delivered record revenue, record earnings, strong cash generation, and made significant progress in building a larger and more diversified earnings engine through both organic growth and targeted acquisitions. Throughout this call, we will refer to the FY 2026 results presentation released to the ASX this morning. Our agenda on slide three outlines the focus areas for today. We will begin with an overview of the FY 2026 results. Linda will take you through the financial performance in more detail, and I will then return to discuss the industry macros, our FY 2027 outlook, our FY 2027 priorities, and the Imdex longer term growth strategy. Bringing your attention to slide five. At Imdex, our purpose is to efficiently and sustainably unlock the Earth's value by enabling customers to find, define, and optimize the subsurface environment with confidence and with speed. The image on the right-hand side of the slide attempts to illustrate just how we do that. We help customers capture high-quality rock data in real time or near real time, we analyze that data to generate key insights at scale, and we turn those insights into faster, more confident decisions for our customers. What we can show you in today's results is that FY 2026 and the investments that we have made have accelerated our ability to support customers through this life cycle. Turning to slide six and our FY 2026 financial highlights. I will draw your attention to a couple of key messages. First, record revenue, record EBITDA normalized, and record NPAT normalized. Revenue increased 21% to AUD 520 million, and growth was broad-based across all regions, driven by both exploration activity and market share gains, the latter of which accounts for just over half of the revenue growth in the period. Of particular note is the quality of the revenue growth, which is characterized by three things, and they are an increasing customer adoption of next-generation technologies, an active demand for technologies that deliver demonstrable lifts in productivity, and the continued growth of our integrated physical and digital solutions. Finally, revenue growth converted into margin expansion. Our EBITDA normalized increased 29% to AUD 163 million, with margin expanding to just over 31%. That demonstrates the operating leverage embedded in the Imdex business model. This is a strong result against a market backdrop of rising costs and some significant FX headwinds. Turning now to slide seven, and I would like to highlight the strength of our balance sheet, plus our disciplined approach to capital management. Cash conversion was strong at 83%, reflecting working capital management discipline while continuing to support growth across the business. Net debt increased to AUD 199 million following the completion of five acquisitions during FY 2026, with leverage sitting at 1.3 x at the end of the reporting period. This is comfortably within our target range and leaves Imdex with capacity to continue investing when such opportunities present. We have a proven ability to use our strong cash conversion to delever, having paid off the debt from the Devico acquisition in under three years. Finally, the board has declared a final fully franked dividend of AUD 0.0175 per share, taking the full-year dividend to AUD 0.034 per share, an increase of 36%, and once again, aiming to deliver superior return to shareholders. Overall, I would like investors to see that our strong cash generation allows us to continue investing through the exploration cycle, strengthen our technology leadership, and expand our digital platform offering directly in line with customer demand. Slide eight demonstrates how Imdex has evolved from a leading drill site technology business into a more integrated physical to digital platform. Imdex's two growth engines, drill site technologies and Digital Earth Knowledge, connect the full data value chain from originating high-quality subsurface data at the drill site through to digital workflows, software analytics, and decision intelligence. Often, our customers are not looking for more data, they are looking for more data insights, and that is where our integrated platform, which improves decision intelligence for both resource companies and drillers, continues to differentiate Imdex. Turning now to slide nine. As I have often said, strong results are the direct outworking of strong strategic execution. Our deliberate focus on technology leadership and our relentless match-fit discipline across the operation is key to these results this year. First, we continue to capture more value from customer activity. Share of wallet increased to a record AUD 2.40 per AUD 100 of global exploration spend, up from AUD 2.20 in FY 2025. Second, customers are adopting more of the Imdex offering. Integrated on-site services revenue increased 20%, and the average number of global sites using integrated solutions increased 42%. Third, we continued to strengthen the platform itself. The acquisitions of Earth Science Analytics, Datarock, ALT, Mount Sopris Instruments, and Krux has created an expanded and truly leading collection of physical and digital technologies. Overall, FY 2026 has demonstrated that Imdex has more ways to deliver value for customers than ever before. Turning to slide 10 and our sustainability highlights. Our strong growth during FY 2026 has meant that we have crossed the threshold under AASB S2 to become a Tier 1 reporting company. We have made substantial strides towards compliance, and I am delighted to share a selection of highlights. We completed our climate risk assessment and scenario analysis, we strengthened our governance framework, and we continued to improve our emissions data capture. These are all important foundations as we prepare for mandatory climate reporting. Furthermore, we invested heavily in the link between sustainability and productivity for our customers. Many of our technologies directly help customers improve their productivity and reduce waste, whether that is through improved drilling performance or substantial water savings. Finally, some tangible examples within our own operations. Our Balcatta headquarters and our California R&D facility are both now predominantly powered by solar. Subsequent to year-end, we launched an industry-leading 24-week parental leave policy, recognizing the importance of this to our Imdex workforce. Our strategy around sustainability is of importance to our employees first and foremost, and I am delighted with the engagement on these projects by our workforce all around the world. The onward delivery of those benefits for both customers and shareholders is being actively led by our Imdex people. I will now hand over to Linda, who will take you through the FY 2026 financial performance in more detail. Thank you, Paul. I will now build upon Paul's highlights by going a little deeper into our financial performance. Slide 12 demonstrates the record year for Imdex. Strong underlying growth, continued market share gains, and increasing adoption of higher value solutions. Results for the year are normalized for the integration and transaction-related costs associated with the five acquisitions completed during the year. It also includes a AUD 3 million impairment on a development asset. This write-off is a direct outworking of our disciplined capital management, where we ruthlessly review all projects and redirect capital for the strongest returns. In addition to those highlighted by Paul earlier, there are three performance highlights to speak of. First, record NPAT normalized of AUD 59 million reflects another year where earnings growth outpaced revenue growth. Second, NPATA normalized increased to AUD 70 million, providing a useful measure of the earnings capacity of the enlarged Imdex platform. And third, EPS normalized increased 37% to AUD 0.115 per share, demonstrating that growth in revenue, margins, and earnings is translating into superior returns to shareholders. Turning to slide 13. As Paul mentioned earlier, revenue increased 21% to AUD 520 million, continuing Imdex's track record of growing well ahead of underlying exploration activity. Over five years, revenue has grown to a 15% CAGR against exploration budget growth of 6%. This year, we have introduced a revised revenue disclosure that better reflects how customers engage with our digital platform. The key point is the growth in platform revenue from 33% of group revenue in FY 2021 to 47% in FY 2026. That shift is a deliberate outcome of our fleet connectivity strategy over many years, which began with IMDEXHUB-IQ™. Our equipment, sales, and services revenue grew 11%, also outperforming underlying exploration market activity, supported by continued strength in product sales and a 20% growth in integrated on-site services. Overall, our revenue mix continues to strengthen. Moving to slide 14, this slide demonstrates the diversification of Imdex's revenue growth, with an increasing contribution from higher value platform-enabled revenue streams. Platform-enabled hardware rentals continue to grow as customers adopt more connected technologies, reflecting the benefits of our long-term fleet digitization strategy. Software and platform advisory revenue is also well-positioned for growth, supported by the expanded capabilities acquired during FY 2026. Integrated on-site services delivered another strong result, increasing 20% year-on-year as customers continue to adopt broader, full solution offerings across the drill site, driving share of wallet expansion. At the same time, our product sales business continues to perform strongly, benefiting from underlying exploration activity and the reach of our global sales and service network. Over time, we expect to continue to see this revenue profile evolve. For example, rentals and other has been and should continue to be progressively declining as customers continue to upgrade to new technologies and on-site integrated solutions. Imdex is growing through multiple complementary revenue streams. We are benefiting from closer engagement with customers to deliver our portfolio of technologies right across the mining value chain. Turning to slide 15, this slide demonstrates that the 21% revenue growth is primarily organic growth in the core business. Revenue increased from AUD 431 million to AUD 520 million. 17% of that growth was organic, driven by market share gains, technology adoption, and growth across all regions. Acquisitions contributed AUD 17 million, reflecting partial year contributions from businesses acquired during the financial year 2026. On a full-year equivalent basis, those acquisitions represent approximately AUD 51 million of annualized revenue. As we enter FY 2027, we have both a stronger core business and a full-year contribution from high-quality additions to the platform. With that context, let me now move to slide 16 and show how that growth was delivered across our operating segments. Rather than walk through every segment, I will draw your attention to a couple of highlights. Record revenue across all segments, with all regions delivering growth above underlying exploration market activity. The DEK segment is disclosed for the first time, delivering across all DST regions and showing an 85% revenue increase in FY 2026 and a 32% five-year CAGR from existing software products and the contributions from the new businesses. This demonstrates multiple growth levers working together. Turning to slide 17, this slide highlights the operating leverage in the Imdex business model. EBITDA normalized increased 29% to AUD 163 million, ahead of revenue growth of 21%, with margin expanding from 29% in FY 2025 to 31%. Importantly, we delivered this while continuing to invest for future growth, demonstrating our ability to expand earnings, strengthen margins, and scale the platform simultaneously. Turning to slide 18, we invested AUD 43 million in R&D during FY 2026, reinforcing our commitment to invest through the cycle in technology leadership and future growth. Our R&D program remains highly customer-led, focused on opportunities with clear commercial outcomes and strong demand. This investment continues to strengthen the platform and position Imdex for long-term growth. Turning now to slide 19, capital expenditure increased to AUD 69 million as we continued investing in the fleet of next-generation technologies to support revenue growth, a positive reflection of our customer demand. Turning now to slide 20. Operating cash flow was strong at AUD 126 million or AUD 135 million on a normalized basis, demonstrating the strength of our cash generation across the business. Cash conversion of 83% reflects the quality of earnings and disciplined execution while continuing to support growth. Strong cash generation remains a key advantage of the Imdex business model, providing the flexibility to invest in growth and maintain a strong balance sheet. Moving to balance sheet on slide 21. Imdex finished FY 2026 with a strong balance sheet. Leverage of 1.3 x and financial flexibility following a year of strategic investment and acquisition activity. Return on equity improved during the year, and return on capital remains stable, demonstrating the quality of our capital allocation and sustainable earnings growth. Disciplined working capital management continues to support cash generation. For example, this is demonstrated through inventory investment below revenue growth. Together, this positions us well to continue investing and creating long-term value. Moving to slide 22. This slide brings together the capital allocation principles we have discussed throughout the presentation. During FY 2026, the board reviewed and approved a refreshed capital management framework that reflects the evolution of Imdex into a larger and more diversified business. The key changes include clarifying our R&D investment target to circa 10% of revenue. This recognizes the wider array of sensor technologies we now have and the increase in customer-led demand for AI-enabled geoscience products. Further, we have refined our target leverage range to support future growth opportunities and updated the dividend policy to 25%-35% of NPATA normalized to better reflect the changing nature of our earnings following five acquisitions. Importantly, the fundamentals remain unchanged. Disciplined capital allocation, investment through the cycle, and a continued focus on creating long-term shareholder value. I'll now hand back to Paul to discuss the industry outlook and growth opportunities ahead. Thanks, Linda. For the remainder of the presentation, I'd like to focus on the external environment, the opportunities that we see ahead, and how Imdex is positioned to continue growing above the rate of market growth. Let's start with the industry backdrop on slide 24 and an update on our traditional traffic signals slide. I'll start out by saying that we see all traffic signals as green and favorable to support long-term growth in exploration activity. There are, however, three specific items I would call out. First, commodity prices remain supportive. Gold and copper are at attractive levels, and while gold has moved around from the recent highs, pricing continues to underpin customer investment decisions across exploration, development, and production. Second, the underlying supply challenge remains structural and firmly in place. Reserves continue to decline, discovery rates remain challenged, and ore bodies are getting deeper and more complex. That structurally increases the need for better geological intelligence, faster decision-making, and technologies that improve productivity overall. Third, exploration budgets are increasing, and junior and intermediate financing has grown significantly year-on-year, providing a stronger funding pipeline for future drilling activity. The deployment of these funds is still largely ahead of us. That said, a large part of that increase in funding continues to be absorbed by higher operating costs in the market. The industry is not just focusing on spending more, it is now focused on getting more value from every AUD invested. That is why productivity remains such an important thematic and why it connects so directly to the Imdex value proposition. Moving now to slide 25, it's more specific commentary on the FY 2027 outlook for Imdex. While the external macro provides a favorable backdrop, Imdex has always been very focused on making sure it has growth levers of its own. The market conditions we discussed on the previous slide remain supportive and are represented here on the right-hand side of the slide. Importantly, these market conditions correlate strongly with Imdex's own strength as customers increasingly focus on productivity and faster, more informed decision-making. Once again, our view is that the increased funds available, whether through capital raisings or exploration budgets, means the increase in exploration activity is still ahead of us. On the left-hand side, however, we can see that Imdex today has multiple growth levers at its disposal, regardless of these market conditions. Our portfolio of sensor technologies is larger than ever. Our position as a trusted advisor to customers is increasing, and our newly consolidated DEK business is delivering high growth, all combined to deepen our role in customer workflows. Regionally, we expect the demand to be broad-based, with the Americas leading the way. The finish to FY 2026 saw the month of June deliver a record revenue month for Imdex. FY 2027 continued where FY 2026 left off, with July once again setting a record revenue above the June result. Finally, simply, the FY 2027 year will benefit from a full year contribution from the five acquisitions that were completed in FY 2026. Taken together, we are not relying on a single region, product, or market cycle. The combination of favorable market conditions and more growth levers than ever before gives us real confidence in our ability to continue growing above market in FY 2027. That brings us to slide 26 and the priorities for Imdex that will underpin our focus for the next 12 months. The priorities need to be and are very straightforward. First, we need to meet the market where it is. We want to ensure we are capturing the market opportunity that is in front of us as it grows. That is leveraging our global sales and service network, leveraging our larger product portfolio, and leveraging our position as a trusted advisor to customers. Second, integration. We completed five acquisitions during FY 2026, and our focus now is unlocking the value of those businesses, integrating those teams and those technologies across our global network, and to unlock the commercial and operating synergies that they offer. Third, we continue to invest in the systems, processes, and ways of working that will support future scale, including the increased use of AI-enabled solutions. We have a great track record of delivering these transformation initiatives, and we are underway to do so again this year. This is not a year of changing direction. It is a year of continuing to execute against a strategy that has been years in delivery. This in turn brings us directly to slide 27, where we step back from FY 2027 and look at the longer-term growth pathways available to Imdex. The message is a simple one. Imdex is no longer solely levered to exploration activity. We have built multiple growth pathways, being share of wallet market share gains, market expansion, and a structural shift towards new technology adoption within our market. What I find particularly encouraging is that all four pathways build on the same platform, the same customer relationships, and the same technology capability. That means growth in one area often creates opportunities in another. This is something that our customers continue to define and drive, and in turn, will yield sustainable earnings growth for our shareholders. This is the perfect segue to our final slide, 28. I'd like to draw together the key reasons we believe Imdex is well-positioned for the future. First, we have an integrated physical to digital platform. Increasingly, our sensors, software, analytics, and AI-enabled solutions work together to improve productivity and improve decision-making for our customers. Second, we are building a higher quality earnings base. Platform revenue has increased from 33% to 47% of group revenue over the past five years. Third, disciplined capital allocation. We continue to invest through the cycle in R&D. We continue to invest in our digital capabilities and growth opportunities while maintaining a strong balance sheet and financial flexibility. Finally, we have multiple growth engines. DST continues to perform strongly as our core earnings engine, while DEK is creating new opportunities across software analytics and AI-enabled solutions. Together, these strengths position Imdex to continue growing above market and support our ambition of building a larger, more diversified, and higher quality earnings platform. That concludes our presentation for today, and I'll now hand back to the moderator for Q and A. Thanks, Linda and Paul. If you have not yet submitted your text question or joined the live audio queue, please do so now. I will introduce each caller by name and ask you to go ahead. You'll then hear a beep indicating your microphone is live. Our first question today comes from William Park from UBS. William, please go ahead. Hi, Paul and Linda. Thanks for taking my question. I want to just quickly ask about your comments earlier that June being a record month. Can you just step through if this trend is continuing to first quarter of FY 2027 and just some of the, I guess, opportunities and trends that you're seeing around the ground, please? Yes, I can. Will, thanks for the question. Yeah, I think I commented that June was a record month and July was a record month above the June month. It means that we exited Q4 strongly. We started Q1 of 2027 strongly. It is fairly broad-based. It's consistent with what we saw in FY 2026. I think in the outlook slide, we put some commentary at the bottom of the slide, just speaking to the major thematics in each region, but it is fairly uniform. Copper, gold continues to be strong. We're starting to see exploration, sorry, junior finances, for example, have started to go into the ground in places like Canada. Probably looking forward, I think our view is that the South American region, which would currently be the second-largest exploration region in the world by AUD dollar spend, is probably likely to be the largest region, by AUD dollar spend within the next 12-24 months. Thank you. My second question, just around your guidance around D&A and net interest for FY 2027. If my calculation is correct, that appears to be around AUD 15 million higher than expectations. Just wondering, could you please unpack that and whether there's any sort of offsetting factors to think about, in FY 2027? Is there an opportunity for you to sort of continue to expand margins from here on that could potentially partially or fully offset some higher D&A and net interest? Thanks, Will. We have provided guidance on depreciation, amortization, and also financing costs just to address that difference in consensus at the moment. It aligns with our capital profile that we have spent in the prior year to support the revenue growth that you have seen. In terms of financing costs, we have used our balance sheet to acquire the assets. That financing cost assumes a potential small rate rise in September when the bank meets. It is also just indicative of the higher borrowings that we are carrying. Just reminding you all that we refinanced those facilities in June last year, that is a more competitive rate than it has been previously. That is the guidance provided. In terms of margins, we have, with the new businesses, they are going to come in more margin neutral, but you can see that the DST and DEK businesses are actually achieving 34%-35% margins already, but we are going to invest that back into the business. FY 2027 is going to be a year of investment for us, and that is going to set us up really well for margin accretion into the future. Our next question today comes from Mitchell Sogan from Macquarie. Mitchell, please go ahead. Good morning, Paul and Linda. Can you hear me? Sure can. We can, Mitch. Yep. Great. Thanks for taking the questions, guys. Maybe just following on just from that comment on South America and expecting that to be the biggest region for spend in the next one to two years. In terms of where Imdex is currently positioned in that region, market share versus, say, North America, are you in line with where you'd expect to be or are you underrepresented? Just keen to understand how you're positioning the business to capture that opportunity over the next couple of years. Thank you. Yeah. I might give an opening answer to that and then Shaun Southwell and Michelle Carey are both on the line, and I'll hand over to Shaun maybe to round out my answer. I think the first thing, Mitch, is that South America and North America sort of behaved slightly differently. We see North America as largely serviced by many technologies, and so you're often competing for market share. In South America, you're finding that there are areas of the market that are unserviced, so you're often educating the market to create market size, as well as winning market share. Just the behavior in the two different regions means our strategy is slightly different in each. More broadly, though, we do have a footprint in all of the major mining regions in South America. That's something Shaun and his team monitor pretty closely. Shaun, would you like to add to my answer to Mitch's question? Yeah. Thanks, Paul. I guess, just following on from Paul's statement around our footprint. Where we are at in regards to the South America, they are probably the most lagging around total overall technology adoption, and we are well-positioned to be able to change that. We have seen that shifting in the last two or three years, similar to what North America did probably four or five years ago. We are really positive around where this is going and what that opportunity looks like. Michelle,- Yeah. Thank you. Did you want to add to that in terms of how you see the DEK business continuing to grow with South America in mind? Yeah. I think I would just echo Shaun's sentiment actually around them being a little further behind in terms of technology adoption. The DEK business has been a little more focused around the Australian market in particular. So we have quite a bit of growth across most regions, and certainly including South America. Yeah. Thanks, guys. Paul, maybe just one other one, just in terms of, I guess the forward outlook and just your customers. Oh, sorry, your conversations with big customers, whether they're the mining companies on exploration budgets or particularly the big drilling groups. Do you mind just giving a little bit more color about how they're talking about the outlook for the rest of this calendar year across the big regions? I think the urgency around replacing reserves, the urgency around changing government policies that are supportive to their business, and the urgency around rising costs necessitating better use of technologies to improve outcomes or speed outcomes is more universal this year than it was last year than it was the year before. So we see all that as quite favorable in the types of conversations we have. Again, I think it's fairly consistent around the world. I think the things that differentiate the different regions around the world, they've all got slightly unique characteristics. So I think the policy environment in Australia is slightly less supportive, compared to, say, South America. I think there's obviously a strong role of government in the North American region. So everything's got its own slight favor to it by region. But for the major customers themselves, they are all having the same conversation and engaging us around how they can spend more and be more efficient about it. I think the only caution I would say is the same one we said last year, and that is we are very confident around the intention to increase exploration activity. But just as we saw in FY 2026, the ability to spend that amount of money was challenged by time. We do not think that is a bad thing. What we want is the underlying intention to drive in this direction. Thank you. Our next question comes from Nicholas Rawlinson from Morgans. Nicholas, please go ahead. Hi, Paul and Linda. Thanks for taking my questions. The integration costs were a really big number in that second half. Would you mind just talking us through those costs, please? Do you expect any more below-the-line integration costs to come through in FY 2027? Hi, Nick. Yes. In FY 2027, you will expect to see integration costs coming through as we continue to integrate the five acquisitions. The breakdown of the AUD 15 million. Firstly, I will just add that the integration of these businesses is far-reaching and global in nature. So very similar to the footprint, although a bigger footprint than we have integrated through the Devico acquisition, so there is quite a lot of moving parts to it. The AUD 15 million you see there includes a couple of things. It includes roughly AUD 3 million of transaction costs, AUD 3 million of purchase price allocation adjustments, and then the remainder is integration costs in nature, and so that is the breakdown of it. That is partial obviously through the year. Then you can extrapolate that forward for a full year of integration in FY 2027. Great. That's helpful. Thanks, Linda. No worries. Thank you. Our next question comes from Gavin Allen from Euroz Hartleys. Gavin, please go ahead. Good morning, team. Just one quick one from me. A bunch of them got answered during the call, which is good. Just noting that 20% increase in integrated site revenues over the year and a 42% increase in the sites themselves, just thinking, given the increase in integrated sites has outpaced the increase in the revenues on those sites, how we might think of the opportunity to add further services into those added sites? I'm just thinking about what might be the sort of latent capacity there, if you wouldn't mind. Yeah. Again, I'll add to that, and then I'll hand over to Shaun if he wants to add anything extra, Gav. I think as we've been approaching integrated sites, we've been thinking about smaller or larger packages that move into those sites. Once we are on site, the ability to work with the customer, better understand their immediate challenges, be able to better demonstrate how we might solve some of those challenges or improve outcomes, gives you a front row seat at growing that revenue on an established site. So, you're right, we do expect it to grow. I can give you a great example around directional drilling. When customers adopt directional drilling for the first time, they might adopt it two or three times during a drilling program. The second year, they might sort of adopt it five or six times, and by the third year, they're using it right throughout their drilling program. So you do see a step-up in time as they get more familiar and you bake these new technologies into ways of working that deliver long-term benefits. Yes, we do think there's headroom there. Shaun, is there anything you'd add? Yeah, thanks, Paul. Yeah, I think the point you've made around that entry point and how we can continue to expand, I think the other thing is we're expanding our integration into smaller projects as well. We started off looking at the larger projects, which are easier to integrate or more impactful. But because we're seeing so much advantage for our customers, they're pulling us into even projects with only two rigs. So we're starting to see it integrate further across the industry and starting to set that as an industry expectation or standard. Thanks, guys, really appreciate it. Our next question comes from Josh Kannourakis from Barrenjoey. Josh, please go ahead. Hi, Paul, Linda, thanks for taking my question. Just first one, a follow-up just on the integration. Not so much on the cost, but more so, what should we expect to see and at what stage do we expect, I guess, the Imdex platform to fully integrate and be able to leverage the tools for individual customers? I know that's obviously been an aspiration, but just in terms of timing, how should we be thinking about when that full integration is completed? Yeah. I think there's probably a couple of moving parts there, and we have spoken about them publicly before. We think pulling together some of the digital technologies is a two-year journey, firstly. I think some of the, you might remember, say, the ALT in Mount Sopris, that business had a greater percentage of its revenue came from sensor sales rather than sensor rentals. Whereas Devico, for example, was well on the transition to from. Was more than halfway in the transition to sensor rentals. ALT and Mount Sopris are slightly behind that. We think the same journey is possible. But because of the stage where they're at, they're absolutely Tier 1 products, but the transition to rentals and embedding them into the tech will just take a little bit longer. But we see the same pathway. Michelle, did you want to add something to that? The only other thing I would say is we don't actually think of this as being entirely a big bang thing. As the platform is being pulled together, there are opportunities for us to be incrementally releasing product offerings to our customers. We're certainly getting really strong pull across things like Televiewer, work that goes all the way through from data collection into automated interpretation, and we will be taking advantage of some of those integrated solution opportunities ahead of that full platform build-out timeline. Got it. Okay. Just, sorry, just to remind me, Paul, the two years was sort of from now, or was that from when we were talking about it at sort of more the first half result of last year as well? No, back sort of from when we completed those, more of those digital acquisitions. Okay. So the, yeah, which was Datarock, really in February. Yep. Okay, that's perfect. And just also, just in terms of, I know obviously you mentioned in the notes you've got that small acquisition, as well that you've announced. Just in terms of the XRF stuff, is that just that looks like it's sort of development level. Is that worth talking about at all? Yeah, I think it is very much at development level. Josh, you would have heard us talk about we always thought first prize is technologies that can capture data downhole or top of hole, and that Iberia technology is a downhole XRF technology that looks at gathering chemistry data in certain applications. There isn't a tool commercially available in the market like that today, and so this is an early TRL or early-stage tool, that we worked with the inventors on to help develop to a commercial stage. Michelle, did you want to add further to that? Yeah. I think, in terms of the stage we're at now, we're really working with those earlier stage customers around taking the tool out onto their site and really seeing what it can do within their workflows. So certainly encouraging, but still relatively early stage. Thank you. We're moving on to a few written questions next. So our first one comes from John Campbell from Jefferies. John asks, "Your share of wallet grew 9% in FY 2026. How much of that is market share gain, and how much price, and how much increased scope offering? When we look at the increase in share of wallet, if we just take it up a level and we look at revenue growth across the board, the 21% is 8% market and 9% market share gains, and that will be extrapolated across both the share of wallet calculation as well. I think, John, worth remembering that that share of wallet calculation is an extremely raw, honest measure in that it is Imdex exploration revenue over S&P published exploration spend, and we make no adjustment in that calculation. It is unadjusted for inflation and it is unadjusted for any shift in drilling and non-drilling costs. Our next question is another written question from John at Jefferies again. "How has FY 2027 year-to-date organic revenue growth started? Yes. I think that is probably, I will go back to my answer to the first question. July was a record revenue month for Imdex, surpassing June, which in itself had been a record revenue month for Imdex. So we have certainly started the year as we exited 2026. We will move back to the audio questions, but just before that, a reminder of the instructions. To ask a text question, select the messaging icon, type your question in the box towards the top of the screen, and press the send button. To ask a live audio question, press the Request to Speak button at the top of the broadcast window. Follow the instructions on screen to join the queue. Our next question comes from Lindsay Bettiol from GS. Lindsay, please go ahead. Hey, guys. Can you hear me? Sure can. You can. Beautiful. Paul, I'll maybe go with this July versus June question for a third time, so apologies, but understanding July is ahead of June, but then also there's some seasonality in your business this time of year. Obviously, the acquisitions are still kind of coming through as tailwinds. Just maybe could you unpack it and help us understand how much you see as kind of a genuine organic improvement July versus June versus May? If you could unpack it in any way, that'd be helpful. I can give you a little bit of guidance. I would say if I go back to FY 2025, June was up on May. The fourth quarter tends to be heavier weighted towards the last six weeks because you are in the ascendancy. And we saw the same thing for the end of FY 2026, where it was the last six weeks that was in the ascendancy. So it is on trend in a growing market, if that makes sense, and we would normally be looking for Q4 and Q1 to be around about the same, with Q1 being slightly above Q4 if we are in a growth phase of sort of 4% or 5%. That would be our historical trend in that space. So we are not seeing any of that uplift, none of that uplift in July over June. I am sorry, what I should say is we are comparing apples with apples in July over June, simply because all of the acquisitions happened in earlier months. And so it is pound for pound comparable. Yeah, brilliant. All right. Another one, and I mean, nothing you have said on the call suggests this would be the case, but if we go back to the trading update in May, in your outlook commentary there, I think you said market feedback is going to 15%-20% exploration growth this year. Then today you have just said you expect it to increase by double digits. Just trying to understand if I am reading too much into the semantics there, but I have had a few people already question me as to whether or not that is like a softening of your language, or is that just a misread completely? No, I think we have always been very clear that the market wants to spend 15%, but in the last year, they only really spent 8% or 9%. And it goes back to my comment that we think the intention to spend is there. We think the ability to spend is being hampered by whether it is geopolitics or supply chains or permitting and the like. So I think it is more that language. So we are trying to make a distinction between our customer commitment and just tempering that with their ability to get it done. We do not think it changes the intention in any way. We just think what will actually land in the ground in that 12-month window will likely be a little bit less. I hope that clarifies. Thank you. The next question we have is from D'Arcy White from Jarden. D'Arcy, please go ahead. Morning, Paul and Linda. Thanks for the opportunity for a question. Just the first one for Paul. On the outlook commentary slides around capacity tightness in APAC that you have seen in the industry, can you just talk whether you have seen any cost inflation come through, and perhaps how we should think about the impact on margin into FY 2027? Yeah, look, I think rising costs, inflation in various forms was certainly an impact in FY 2026. Our business models meant we have been able to combat that fairly well. I do think that there is a continuation of that rising cost environment into FY 2027. We will have to absorb that and part of our margin guidance outlook, and that is why we are investing in things that make our business more scalable operationally. There is a bit of a relentless discipline or pursuit of continuing to be more efficient to combat some of that rising cost environment. We have to do that to our business in the same way that our customers have to do it for theirs. I do think the ripple effects from Hormuz and some of these other areas are still yet to roll through the industry more globally, including Australia. Perfect. Thanks, Paul. Maybe just two for Linda on the modeling. On the tax front, is the FY 2026 tax rate the right approach to look at the FY 2027 or are there any moving parts that we should think about? No, D'Arcy. The normalized effective tax rate is 32%, and we expect that to continue. Perfect. Thank you. This last one. In light of the acquisitions as well, can you just remind us of the sensitivities for FX that we should think about for the full year? Yeah, sure. Our FX exposure is pretty much unchanged, so 50% of our revenues are still US dollar denominated. As we look forward, a 1% movement in US dollar FX rate is around $2.5 million-$3 million impact, and about 50% of that flows through to the EBITDA line. Thanks, everyone. That's all we have time for. I'll hand back to Paul. Thank you very much. Thanks everyone for listening in today. If I could leave you with maybe just some closing thoughts. Obviously, FY 2026 has been a fairly defining year for Imdex, with record revenue earnings, the strength of our cash generation, and the continuation of our market share wins has been a highlight. The continued execution of our strategy and the growing contribution from multiple growth levers that Imdex now has across its business is a feature and a highlight that we expect to capitalize on into FY 2027. Our FY 2027 priorities remain absolutely clear and simple. We intend to meet the market where it is as it grows and continue to offer our broader range of technologies and solutions, through our global customer network, into all the minerals markets around the world. That said, we do think that the industry backdrop is increasingly supportive. That, combined with the multiple pathways for growth, position Imdex very well to continue to deliver shareholder value. For me personally, I'd like to thank our Imdex people around the world, our customers, our board, and our shareholders for their continued support and engagement. I look forward to speaking to many of you over the coming weeks. Thank you very much. Thank you. That concludes today's call. Thank you for joining us. You may now log out.