To view the webcast slides for today's presentation, please go to webcast.openbriefing.com/krm-mu-2026. Again, that is webcast.openbriefing.com/krm-mu-2026/. Alternatively, if you visit the registration page, the link is available to click through there. Finally, I would like to advise all participants that this call is being recorded. I'd now like to welcome Andrew Caruso, Chief Executive Officer, to begin the conference. Andy, over to you. Good morning, and thank you for joining us today. My name is Andrew Caruso, and I'm honored to have recently joined Kingsrose Mining as Chief Executive Officer. Today's webinar is an opportunity for me to introduce myself, share my initial views on the company, outline our strategic priorities, and discuss how we intend to create value for shareholders. Importantly, this is not intended to be a one-way conversation. I value shareholder engagement and welcome your questions and feedback following the presentation. Kingsrose has a strong foundation, and I'm excited about the opportunities ahead. I've spent almost 35 years in the mining industry, including approximately 15 years in CEO and senior executive leadership roles. Throughout my career, I've worked across exploration, project development, operations, corporate development, and capital markets. I've been involved in building companies both organically and through mergers and acquisitions, with a strong focus on value creation, disciplined capital allocation, and transparent communication. Recently, I led Atrum Coal through a complex and lengthy dispute with the government of Alberta, culminating in a settlement of approximately AUD 144 million in 2025. That outcome delivered significant value to shareholders and reinforced my belief that persistence, strategic thinking, and disciplined execution can create substantial outcomes even in challenging circumstances. As I begin my tenure at Kingsrose, shareholders can expect a practical, commercially focused approach centered on identifying and unlocking value. Kingsrose today has approximately AUD 19 million in cash and a portfolio of highly prospective exploration assets in Scandinavia. This represents a strong starting position. The company is well-funded relative to many of its peers, controls quality projects in attractive jurisdictions. It's equally important to acknowledge that our current market valuation does not fully reflect the quality of those assets or the strength of our balance sheet. The share price tells us that investors are seeking greater confidence in the pathway to value creation. That's why I believe Kingsrose requires both urgency and strategic clarity. We must focus on delivering tangible catalysts, expanding our opportunities, and ensuring shareholders can clearly understand how value will be created. Since joining the company last week, I have commenced a comprehensive review of our assets, opportunities, and strategic positioning. Our objective is simple: maximize shareholder value. To achieve this, we are actively evaluating a broad range of strategic alternatives, including strategic partnerships, joint ventures, project-level transactions, corporate mergers and acquisitions, and other opportunities capable of accelerating value creation. The key principle of our strategy is that Kingsrose should pursue multiple pathways to success. Our Scandinavian exploration portfolio represents one of those pathways. These projects possess genuine geological potential and are located in highly regarded mining jurisdictions. However, exploration success requires time, capital, and patience. One of the company's significant strengths is the reputation the Kingsrose team has established for responsible exploration, strong stakeholder engagement, and high technical standards. These attributes make Kingsrose an attractive partner for larger industry participants seeking exposure to high-quality exploration opportunities. In particular, we are seeing increasing industry interest in the Finnmark copper-nickel PGE project in northern Norway and are actively progressing discussions with potential counterparties. Partnership opportunities have the potential to accelerate exploration while preserving shareholder capital and reducing funding requirements. At the same time, we recognize that shareholders are seeking additional catalysts beyond our existing portfolio. Accordingly, we are also evaluating opportunities capable of introducing new value creation pathways to the company. These discussions are ongoing and encompass a wide range of potential assets and transaction structures. Importantly, there are no predetermined outcomes. Our focus is not on simply doing a deal. Our focus is on identifying opportunities that are genuinely value accretive and capable of materially improving the company's future prospects. I have heard the concerns of shareholders regarding dilution. Any meaningful growth transaction may involve some level of dilution. However, our responsibility is to ensure that any capital deployed generates value at a rate that substantially exceeds that dilution. The measure of success is not the number of shares on issue, it is the value created per share. Capital discipline will be a core pillar of our strategy. We will continue to allocate funds prudently across our Scandinavian portfolio while seeking opportunities to leverage partnerships and external funding wherever appropriate. At the corporate level, we will maintain a strong focus on preserving balance sheet strength and ensuring that capital is directed towards the highest return opportunities available to the company. Our objective is to maximize strategic flexibility while maintaining the financial capacity to act decisively when compelling opportunities arise. In closing, I believe Kingsrose has a strong foundation from which to build. We have quality assets, a healthy balance sheet, and a range of opportunities available to us. Our priorities are clear. Advance and unlock value from our existing portfolio, pursue additional value creation pathways through strategic transactions and partnerships, maintain disciplined capital management, and improve communication and engagement with shareholders. I am committed to being accessible, transparent, and accountable as we move forward. I will answer some pre-submitted questions. Firstly, I will hand back to the operator who will again talk about the live Q&A session. Thank you, Andy. As mentioned, we will now begin the Q&A session. For those listening by phone and would like to ask a question, please press star, followed by one on your telephone keypad to raise your hand and join the queue. To withdraw your question, simply press star one again. When called upon, please use your handset, ensure your line is unmuted, and be ready to ask your question. A reminder again, that is star one to join the queue, and I will hand back to Andy to address any pre-submitted questions while we wait for the queue to build. Thanks, Paulie. I'd like to answer some of the questions that have been submitted, and then we'll open the floor for those further live questions. The first question we received was in relation to Penikat. What are you doing to expedite Penikat drilling? One of the first things I focused on when I joined was understanding the path back to drilling at Penikat, because I see it as one of the company's most important value drivers. Over the past year, the team has reworked the permitting strategy to give us the best chance of getting drills turning as quickly as possible. The most important step was separating Area 6 and pursuing a standalone exploration permit application and enforcement order for that area. Area 6 is important because it sits outside Natura 2000 and the protection areas, which provides a more straightforward permitting pathway. As outlined in our ASX announcement, our objective is to commence drilling at Area 6 by December 2026, subject to permit approvals and the regulatory process progressing as anticipated. We're not simply waiting for permits to arrive. The team has spent a significant amount of time strengthening environmental studies, refining exploration areas, engaging with regulators and stakeholders, and making sure our applications are as robust as possible. At the same time, we're progressing permitting work across the broader project so that multiple areas can continue advancing in parallel. There are parts of the process that are outside our control, including regulatory decisions and potential appeals. What gives me confidence is the quality of the work that's been done, the engagement we've had with stakeholders, and the fact that we're positioning ourselves to move quickly when approvals are received. I continue to believe Penikat has the potential to be a world-class platinum palladium project, and advancing it towards drilling remains one of my key priorities. The next question is in relation to Finnmark. Why did BHP pull out, and is the Finnmark project worth continuing? I think it's important to separate BHP's decision from the quality of the project itself. Ultimately, BHP decided the project didn't meet their target criteria. While there are reasons of their own, that doesn't mean it isn't still a high-quality exploration prospect. It also doesn't mean that it doesn't still align with our target criteria. When I look at Finnmark, I see a project where approximately $7.3 million of alliance-funded exploration has generated a substantial geological, geophysical, and geochemical data set. That work identified more than 30 priority target areas and significantly improved our understanding of the district. As announced to the market, Kingsrose will retain 100% ownership of the Finnmark project following completion of the alliance. We also expanded our land position during that period based on the results generated. What gives me confidence is the work completed to date has reinforced the prospectivity of the district and provided us with a much stronger foundation than we had two years ago. The question now is how we create the most value from that work. That could involve self-funded advancement, a new partnership, or other alternatives. We're assessing those options carefully and with a clear focus on shareholder returns. Ultimately, I believe Finnmark should be judged on the quality of the geology, targets that have been identified, and the opportunity ahead of us, rather than solely on the decision of one partner. The next question is in relation to cash burn. How are you going to halt the erosion of cash? That's a fair question and one I take seriously. The reality is that exploration companies consume capital while advancing projects. The issue isn't whether you spend money, it's whether you're spending it in the right places and generating value from it. My priority is to make sure every AUD of shareholder capital is allocated with discipline. Since joining, I've spent a lot of time looking at where capital is being deployed, how projects are prioritized, and whether our spending is aligned with the opportunities that have the greatest potential to create value. Shareholders should expect a strong focus on capital discipline and accountability. It doesn't necessarily mean spending less, it means spending smarter and making sure every investment has a clear rationale. Going forward, I don't want success measured simply by how much we spend. I want it measured by the quality of our decisions and the value we create from those investments. The next question is in relation to business development. Are you near to announcing a new project, and if not, why? As an ASX-listed company, there are limits on what I can say about opportunities that have not been disclosed to the market. What I can say is that we're looking at a lot of opportunities, but we're being selective. Our focus is not doing a deal for the sake of doing a deal. Our focus is on finding opportunities that can genuinely improve the quality of the company and create value for shareholders. The way I think about business development is quite simple. We screen opportunities rigorously based on agreed criteria and only pursue those that meet our requirements. Every opportunity is assessed across a set of criteria, including commodity, geological potential, jurisdiction, technical merits, capital requirements, ESG considerations, potential returns, and transactability. When assessing a jurisdiction, we would consider the regulatory, legal, and commercial framework there and the relevant mining history within the region. Most opportunities don't progress because they fall short in one or more areas. When we identify an opportunity that meets our criteria and reaches a point where disclosure is required, shareholders can expect us to update the market promptly. Again, on business development, what are your top three desired attributes in a new project or acquisition? It's difficult to narrow it down to only three because successful projects require a range of things to come together. If I had to simplify it, I would focus on quality, pathway, and fit. First, quality. The asset needs to have the potential to create meaningful value. Without that, nothing else really matters. Second, pathway. There needs to be a realistic route to advancing the project from a technical, operational, and financial perspective. The third is fit. The opportunity needs to align with Kingsrose's capabilities, risk appetite, and long-term objectives. When I look at opportunities, I'm trying to understand not only what the project could become, but also whether we are the right company to unlock that value. Beyond those factors, we also consider the overall risk-reward profile. Again, on business development, what geographical focus areas do you have for a new project or acquisition? In short, those jurisdictions that offer geological opportunity matched with exploration accessibility, matched with development potential. That might seem broad because it is, and it should be. What I can also say is that geography is only one part of the equation. I don't start with a map and decide where I want to be. I start by looking for high-quality opportunities and then assess all the factors that matter, including project quality, jurisdiction, technical merits, development pathway, transaction structure, ESG, and potential returns. We're open-minded, but we're also disciplined. For me, the overall quality of the opportunity is more important than the particular location. If a project meets our criteria and has the potential to create meaningful value, we'll evaluate it on its merits. In relation to the board. How confident are you that you'll be able to get a BD deal, a business development deal, approved by the board? From my interactions to date with the board, I'm comfortable that we're aligned on what a successful transaction looks like for Kingsrose. The board has been very supportive in my interactions to date. The board has been clear that any opportunity needs to be strategically sound, technically robust, financially disciplined, and capable of creating value for shareholders. My role is not to bring deals to the board simply to demonstrate activity. My role is to identify opportunities that meet a high standard and then provide the board the information required to make a well-informed decision. I don't see board approval as a hurdle. It's an important part of the governance process and one of the ways shareholder interests are protected. When I identify an opportunity that generally meets our criteria and creates value, I'm confident it will receive serious consideration. Again, regarding the board. Is the current scale and composition of the board appropriate for Kingsrose's current position and aims? I believe the board has the right mix of technical, corporate, financial, and governance experience for where the company is today. Since joining, I've found the board to be engaged, supporting, and focused on the same things I am: disciplined capital allocation, sound decision-making, and creating value for shareholders. Good governance requires ongoing review. As the company evolves, the board will continue to assess whether its composition remains appropriate for the needs of the business and its shareholders. Right now, my focus is on working closely with the board to execute our strategy and make sure we're creating the strongest possible platform for future growth. I'll hand back to the operator and we can commence the live Q&A. Thank you, Andy. Currently, the Q&A queue is open for any questions. For those listening by phone and you would like to join the queue, please press star one on your telephone keypad to raise your hand. Just a reminder, when called upon to ask your question, please use your handset and ensure your line is unmuted and be ready to ask your question. Your first question is from the line of Hank Rule from Sierra Morena Capital. Please go ahead. Hi, Andy. Hank Rule, Sierra Morena. Wanted to ask about the Finnmark project and about Porsanger specifically. I think December 2024, you received permits to drill the Karenhaugen area. Was wondering how those, now that BHP's out of the picture, how those permits might fit into a plan of potentially expediting exploration at Porsanger. Thanks, Hank, for the question. I will admit that I'm still getting up to speed with Finnmark. If you don't mind, I'll take that question on notice and be happy to come back to the market with a response. I understand that we're engaging heavily with our stakeholders and the regulators in setting a pathway for that drilling. I can't tell you a timeframe or give you a current update on that process. I'd be happy to do that once, I have that information, Hank. I'll take that under notice if that's okay. No, understood. Thanks, Andy. A final reminder, if you would like to ask a question on the phones, please press star one now, and we'll pause for any final questions. There are no further questions on the phone lines. I would like to hand back to Andy for any closing remarks. Well, thank you. Thank you, Paulie. Firstly, I'd just like to thank you as our shareholders for your support, for being on the call today, for listening. I am committed to listening. I am committed to acting decisively and with urgency to move the company forward in the right direction. I appreciate this conversation, and I look forward to further conversations and providing more updates in future. I'd also like to thank the Kingsrose team, the greater team, and in terms of bringing this all together. Please reach out. There's a web address, there's an email address. Please use that, please submit any other questions, and I look forward to getting back to you, Hank, in the market with the question around Finnmark. Again, thank you very much and have a good day. This concludes today's conference call. Thank you all for joining us. You may now disconnect.