Welcome to the Liontown FY 2026 end-of-year results call. Following the formal presentation, there will be a Q&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 questions 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 Tony Ottaviano, Managing Director and Chief Executive Officer of Liontown. Thank you, Michelle. Good morning, and thank you for joining us today. With me today is Ryan Hair, our Chief Operating Officer, Greg Jason, our Chief Financial Officer, and Grant Donald, our Chief Commercial Officer, who is based in Perth at the moment. Each will take you through their part of this financial year. This financial year, Kathleen Valley delivered its maiden profit and a strong operating cash flow while ramping up and assisted by better prices in the second half. We generated AUD 182 million in operating cash with an NPAT of AUD 93 million and an underlying NPAT of AUD 14 million. The market handed us two very different halves this year. Prices were weak early, so we kept costs tight and preserved cash. When the market turned, we backed our assessment of it, and we are now reinvesting in Kathleen Valley with the same discipline we used to protect it. Following a China trip by our board, we gained confidence that the momentum for growth was clear and strong, and we moved quickly to approve the early works capital for our expansion project. Now on the specifics for the year. We concluded open pit mining and the underground ramp-up is going to plan. There is more on that when Ryan does his session. We are on track for 2.8 million tonnes run rate by the end of this financial year, a figure that we have had in the market for some time. As we enter FY 2027, the focus is three things: safe, stable operations, and a business that is resilient through the cycle. Growing responsibly with the final investment decision on Kathleen Valley expansion, which is due next month. We are ready to scale. The processing plant was designed and installed for 4 million tonnes per year from the start, so much of the expansion capacity is already in the ground. This makes the expansion capital efficient and lets us bring production to market incrementally and flexibly, matched to the market rather than in one step. We would fund it from our operating cash and have a strong balance sheet, and we have the team to execute it. Ryan will now take you through the safety and sustainability sections. Ryan, over to you. Thanks, Tony. Can we go to the next slide. Thanks, Michelle. Our safety performance for the year didn't meet the standards that we would expect. Our total recordable injury frequency rate for the year was 10.99 against 7.39 last year, and our lost time injury frequency rate was one against 0.92. The increase has been driven in the main by manual handling injuries across contracted work groups. We've responded with targeted work on field leadership and contractor oversight, and our focus remains on keeping people safe and preventing high consequence events. The leading indicator is moving in the right direction. Safety observations were 4.74 per 1,000 hours, up from 2.61. That's a near doubling in hazard reporting and tells us people are proactively looking for risks in the workplace. These are rolling 12-month measures, so they move slowly. We expect the work underway to have an impact through the course of FY 2027. Turning now to sustainability on the next slide. Female participation was 26%, and half of our board is female. Female representation in leadership is just over 17%. We have more to do there. Our focus continues to be on creating an inclusive workplace and developing and retaining our team. Renewable power penetration was 80% across FY 2026. That is the hybrid wind, solar, and battery system doing what we built it to do and reducing our exposure to diesel and gas. We recorded zero material environmental incidents for the year. Lastly, we procured around AUD 530 million in goods and services in Australia, with around AUD 450 million of that in Western Australia and roughly AUD 24 million with Aboriginal businesses. With that, I'll hand back to Tony. Thanks, Ryan. If we go to the next slide, please, Michelle. This year, we concluded our open pit mining on schedule during the year, and Kathleen Valley is now 100% underground operation. This was the operational transition which was planned in the DFS in 2021. But we revised it in November 2024 and delivered in FY 2026 against challenging market conditions. With that in context, FY 2026 was our strongest year of development at 9,737 m, and that is what unlocks the underground mining capacity for the ramp up. We mined 2.2 million tonnes of ore with 1.29 million tonnes of that coming from the underground, and we processed 2.5 million tonnes of material through the plant at a very high plant availability. We produced 392,000 tonnes of concentrate, and we shipped 382,000. Both weighted at an average concentrate grade of 5.1%. This is the foundation for the ramp up to 2.8 million tonnes per annum and everything we're doing for the year ahead. Go to the next slide, please. To the financials at a headline level, Greg will take you through more detail as he goes through his section shortly. Revenue was a record AUD 639 million, more than double FY 2025, on higher production and the recovery in price. Our average realized price for the year was $1,379. I'll put that in context a little bit later in the presentation. Up 75%, notwithstanding from the prior year, and it's a stronger second half from a price perspective. That fed straight to cash. We delivered AUD 182 million of operating cash flow and an underlying EBITDA of AUD 147 million. NPAT was AUD 93 million, which includes full recognition of prior year tax losses, and the underlying NPAT was AUD 14 million. The first underlying NPAT for Kathleen Valley. Positive. One number to hold on to, we generated AUD 182 million in operating cash before operations reached the full 2.8 million tonne run rate. This is a business that is cash generative through the transition to full underground production. If we go to the next slide, please, Michelle. Again, I want to sort of put the year in context and FY 2027 in context. As we sit here today, it's easy to step over the fact that less than a year ago, the market conditions were materially different. This slide illustrates two critical numbers. At June 30 last year, the spot price was $630 a tonne. 30th of June this year, it's risen to $2,210, an increase of 251%. How we got here was a strategic choice, which we executed. In November 2024, when the price was weak, we made deliberate decisions. We slowed down the underground ramp up, moved to a flat 2.8 million tonnes a year mine plan from the end of FY 2027, and we deferred non-essential capital works and pushed out North West Flats to FY 2031. We took roughly 38,000 m of development out of our mine schedule. Every one of these moves preserved optionality, which we are now realizing. The market has turned. It's turned the way we said it would. The same discipline that we've now used to preserve cash, we will point towards growth. We're accelerating development, restarting the capital we deferred, and recommissioning North West Flats. We will continue to be disciplined on our costs, and Ryan's team are working on that every day. We want to make sure that we put our team's innovation to the shoulder and put creativity first and make capital a last resort if we can. This is how we protected the business through the downturn, and this is how we're going to invest in the business as we take advantage of the better market. We're funding this growth from our own operating cash flow. Next slide, please. Given that context, we are now pivoted for disciplined growth, and we're focusing on three strategic priorities for this year. These are our vision, we start with that, to be a globally significant provider of battery materials, and with four outcomes, which are constant, which is safe, stable operations, resilient through the cycle, and being a reliable partner and profitable growth. These are delivered by focusing on three priorities. First, to ramp up to 2.8 million tonnes per year by the end of this financial year. That scale will deliver cost and productivity benefits. Second, deliver Kathleen Valley's full potential. We have started North West Flats, the process plant to give us the full capability of its recovery potential, and the expansion decision to move beyond 2.8 million tonnes. Thirdly, pursue the next wave of growth by selectively advancing exploration around Kathleen Valley and Buldania, holding onto the downstream optionality, but being very disciplined if we pursue any M&A activities. Under all of it are the three enablers that do not move. We operate responsibly, we keep the mine plan flexible to the market, and we hold the financial discipline. Greg will take you through the detailed financials. Thank you, Tony. Good morning, everybody. You can see at the top left chart on slide 10, the fix of revenue more than doubling from almost AUD 300 million in 2025 to almost AUD 640 million in 2026. This was driven by a 35% increase in tonnes shipped, as you can see in the chart bottom left, and the 75% increase in realized price on a USD SC6 basis, which you can see top right. The conversion was not quite as high once we got to Aussie dollars, because there was roughly a AUD 0.04 appreciation of the Aussie relative to the U.S. when we compare the two years. Unit operating cost is bottom right. You can see it is 23% higher than the second half of 2025, going up to AUD 984, and this was fundamentally driven by the transition to underground mining. Underground ore represented 18% of total ore mined in the second half of 2025. It was 37% the first half of this year, 100% in the second half, and an average of 58 for all of FY 2026. Moving to slide 11, you can see the EBITDA NPAT. So we had AUD 147 million of underlying EBITDA, which you can see on the left-hand side. This reflects the growth in production sales and the materially higher price. This is compared to an underlying EBITDA of AUD 20 million in the prior year. The underlying NPAT of AUD 14 million is the gray in the middle of the chart. It is the first underlying NPAT generated from Kathleen Valley operations, and includes the transition from open pit to underground. Depreciation and amortization was about AUD 13 million lower than the prior year. We had a lot of amortization of deferred stripping in FY 2025 because the short life of the Kathleen's Corner open pit meant we had to write off that capital in a short period. Then in 2026, we did not declare commercial production for the underground mine until 1st of April, and hence a lighter amortization load for that capital. AUD 31 million of net finance expenses, slightly less than 2025 because we earned more interest on cash at bank. We recognized AUD 10 million income tax benefit from tax losses generated in 2026. The reason we have got losses at a tax level as opposed to the accounting, is that we get an upfront deduction for a lot of the capital development underground, and we also get accelerated tax depreciation on many assets using a diminishing value method for tax that is straight line before. Moving across to NPAT of AUD 93 million, that includes a few adjustments for non-recurring items. The most significant is the recognition of AUD 113 million for a deferred tax asset for carry forward tax losses from prior years. This was supported by a couple of things. One, the underground mine moving into commercial production, and the significance of that is that, of course, the underground mine will generate the taxable income against which we will utilize those losses. The second factor was the stronger price outlook. The other big adjustment in the chart is that we had a fair bit of accounting noise around the LG Energy Solution convertible notes with fair value and FX adjustments between 30 June last year and 4th of February this year when the conversion occurred. We back those out to get to the underlying, but they are, of course, in the headline number. Moving to cash flow on slide 12. We began the year with AUD 156 million in bank, AUD 182 million of operating cash flow. You can see that every quarter got better than the one before. Pretty good pattern to have. We had similar sales tonnes across the two halves, and the improving operating cash flow from quarter to quarter was driven by the improved pricing. Keep in mind that we have price lags embedded in our offtake agreements, and therefore, the higher pricing in Q3 then resulted in higher cash receipts in Q4. Equity raising in August was the lion's share of the financing activities. Then we had AUD 134 million of total CapEx on a cash basis, including AUD 14 million of early works ahead of the FID decision expected this quarter. Closed the year with AUD 561 million, as you can see far right, which gives us a great platform to fully fund the ramp up and the continued expansion of Kathleen Valley. Moving to debt and gearing on slide 13. Total debt, including derivatives, and the derivative was related to the convertible notes, has decreased AUD 353 million -AUD 369 million at year-end. This is a massive turnaround from a net debt position of AUD 567 million at the end of the prior year. Gross gearing reduced from 55% to 20%, and net gearing was nil compared with 49% a year ago. Finally, moving to the debt maturity profile on slide 14. Our forward interest and principal payments commence this quarter. We will be amortizing the full debt at the rate of AUD 45 million per year and have a balloon payment of AUD 175 million. Next slide, please, Michelle. Yeah. Thanks, Tony. You can see the forward repayments, that is the AUD 45 million in each of 2027, 2028, carries on into 2029, 2030, with a balloon at the end. We have a AUD 15 million interest-free loan from the W.A. State Government under their Lithium Industry Support Program, and we have commenced paying that off in quarterly amounts. That will be done across FY 2027 and FY 2028. I will now pass back to Tony to go through the FY 2027 look ahead. Thank you, Greg. This is now actually Ryan. We will get to Ryan to do his piece. Thank you, Greg. Tony. Over the next few slides, I wanted to provide some color on how we get from where we are today at a roughly 1.5 million tonne per annum run rate, to 2.8 million tonne per annum by the end of FY 2027. Fundamentally, two things drive that, work fronts and equipment. On work fronts, FY 2026 was our strongest year of development at just under 10,000 m. That foundation and further development through FY 2027 opens seven new mine levels and takes us from four active work areas today to 14 by the end of the year. Total material moved nearly doubles from 2 million tonnes last year to just under 4 million tonnes in FY 2027. On equipment, the fleet nearly doubles from 21 to 41, jumbos and production drills from four to seven, loaders six to 12, and trucks seven to 15. The point I want to emphasize though is sequencing. The step-up comes from the second quarter, once the lower levels are open, and then builds through the year. Why is this so important? With the underground ramping up, obviously that material becomes the dominant feed, which drives recovery in the plant. Onto the next slide, thanks. This is what one of those levels looks like. This is level 2285 or 235 m below surface at Mount Mann, and this is our next mining front. Three deliberate design features drive productivity and resilience. Dual access to the level and a dual cross-cut design allow concurrent activities. Truck loading bays that are off the main traffic route allow loading to be undertaken, and not compete with haulage. Where we are today, shown in blue, access from the decline is complete, the majority of cross-cut development is complete, and ore drives, which are shown in orange, commence in September. This is what puts us on track for the step-up from the second quarter. The other point to note, of course, is that we continue to extract from the upper levels at the 1.5 million tonne run rate whilst building these lower levels. Onto the next slide, thanks. This slide shows why the ramp-up gets easier from here, not harder. It shows ore contained by level at Mount Mann. In the upper levels of the mine, each level holds between 0.2 million tonnes and 0.7 million tonnes. The level on the previous slide, 235 m below surface, holds 1.2 million tonnes. From 260 m down, levels carry between two and five million tonnes. In simple terms, the levels we've been mining give us about 18,000 tonnes of ore for every vertical meter developed. On current and future levels, that is about 115,000 tonnes, more than six times the ore for the same vertical development. There's two consequences arising from this. Firstly, scale. A single lower level holds, on average, a year of plant feed, and that gives us flexibility in sequencing. Secondly, quality. These levels carry a higher proportion of stope ore relative to development ore, which lifts the grade and consistency of what we send to the plant. Next slide. Thanks, Michelle. Next slide. Yep. Turning to the expansion early works. By way of a recap, three main scope items here. Number one, Stage 1 of the permanent mine services area. Secondly, the 5.5 MW ball mill, which is the critical path item for both throughput and recovery. Thirdly, underground development at North West Flats. CapEx is up to AUD 77 million of early works ahead of FID. As Greg mentioned, AUD 14 million was incurred in FY 2026. The project team is in place. Ball mill engineering design is well advanced and ball mill fabrication is progressing. Earthworks and construction has started at the mine services area. At North West Flats, we have grade control drilling, portal recommissioning, and infrastructure works well underway. You can see some of this in the images on the left of screen. Lastly, FID remains on track for the end of next month. Next slide. Thanks, Michelle. North West Flats is worth explaining and Tony has touched on. It is the clearest example of the optionality we preserved and are now activating now that we have the signal from the market. In the November 2024 mine optimization, we deferred North West Flats to FY 2031. We recommenced development at the end of FY 2026. Additional portals and infrastructure through the open pit commenced in quarter two FY 2027 with infrastructure established over the last few months. We expect development ore from North West Flats later in FY 2027. Notably, the completed open pit has provided a second entry into the ore body. That gives us a mining front independent of Mount Mann, which is what underwrites volume beyond 2.8 million tonnes per year. Next slide. Thank you. On the plant, the key point is that the expansion is not a new plant. The circuit was designed for 4 million tonnes per annum under the original DFS. Crushing, screening, flotation, and tailings are all sized for that. The items in orange are the focus areas of expansion, ball mill for grinding capacity, magnetic separation, water supply and storage, and concentrate storage. Of course, at the next level of detail, we will also need to upgrade pumps and pipes and the like. This is why this expansion is expected to be capital efficient and why it can be staged. We are filling in a flow sheet that was built for this volume from the start. With that, I will hand back to Tony. Next slide, please, Michelle. Thank you, Ryan. Let me recap FY 2027 guidance, which we gave at the end of Q4, and be clear about what it actually represents. Starting with a point we have reiterated throughout this presentation, our FY 2027 guidance includes balancing our plant throughput and stockpiles with mine ramp-up. There are no surprises here. This was the November 2024 plan being executed. The reinvesting we are doing in FY 2027 makes it more resilient, moving us from a previous flat 2.8 million tonne world to building the foundations for the new expansion world. With that context, concentrate production of 390,000 tonnes-440,000 tonnes. This production guidance accounts for the additional downtime we require to tie in the expansion works during FY 2027. On our cost guidance of AUD 1,050-AUD 1,250 /tonne sold, I want to provide some further explanation here. We disclosed to the market in November 2024 that our 2.8 million tonne run rate was by the end of FY 2027. in Q3 FY 2026, we also disclosed that our next two quarters of underground production will be flat as we build out the development fronts, which one of those Ryan has just spoken through, for the next increase of production to the 2.8 million tonne run rate. We are therefore not at full run rate, and some of that time is investing into the FY 2028 ramp-up, but also the expansion. These two factors combined are the drivers of the higher cost structures we are seeing in the 2027 guidance. Ryan has already illustrated some of those examples as to why these costs have gone. Firstly, the total productive movement has increased from 2 million - 3.9 million, a 95% increase. To make this increase, we are bringing on more equipment ahead of the 2.8 million tonnes and started the expansion development in North West Flats. That is the work that takes us to 2.8 million tonnes a year run rate by the end of FY 2027, and the production shows up in FY 2028. We see this impact on volume on fixed costs as we get to the other side of it. The investment ahead of production is what we are doing at present. We will provide further guidance on our forward cost structure when we publish our FID announcement, hopefully later next month, all things being equal with the board approving it. The total CapEx of AUD 320 million-AUD 370 million, which does not include the expansion capital, sits behind next month's investment decision. More on that on the next slide. Before I move on that, Michelle, I do want to go back and look at the Q1 look-ahead. We have already spoken about this quarter being consistent with the previous quarter in terms of our underground production at roughly the 1.5 million tonne run rate. The recovery profile on the basis of that will be consistent with the H2 FY 2026 results due to the feed mix. I want to stress that. Deferred shipment for Q1 FY 2026 is expected due to significant surge events and planned maintenance at the port. That does not mean there is any issue here with volume. It is just deferred and we will make that up in the course of the year. That is what I wanted to mention in terms of giving the market a bit of a look ahead for this quarter. If we move to the next slide, which we will quickly talk about on the sustaining capital and the capital in total. We have AUD 90 million-AUD 110 million of sustaining capital. That is basically to deliver a stronger base. That is the business as usual, tailing dam lifts, underground development, process plant maintenance. Then you have the ramp-up development work. This is the capital we required to continue to ramp up to 2.8 million tonne. Then we have mine infrastructure and optimization. I mentioned in my earlier slides around the fact that we deferred capital during the low pricing cycle to preserve cash. For example, the mine services area, plant optimization, non-process infrastructure, but we are now reinvesting in the business given our look ahead. As Greg has already mentioned, we are funding this from a position of strength with AUD 561 million in cash, which means the program can be funded from operating cash. Next slide, please. I will now hand over to Grant Donald, and he will take you through our marketing outlook. Thanks, Tony. On the left-hand chart here, we have included a fast market slide demonstrating the gap between supply and demand. I think this very helpfully illustrates the size of the challenge for the industry in terms of expansion to try and meet that demand profile. Typically, we have seen supply response in relation to higher prices, with much of the restarts now back in the market in the process of ramping up. Now the market supply relies on new projects coming to market, both in the form of greenfield and brownfield expansions. We have included on the right-hand side a typical timeline for new operations of five to eight years and brownfield of two to three years. This is the challenge that we have as an industry to try and keep up with that demand profile. This means that Liontown is well positioned given that our brownfield expansion is largely already built in terms of the plant with the ball mill that Ryan has given an update on. As we said, we will give an update on the full FID at the end of next month. But that relies on the northwest flats that Tony has talked to a little bit as well. We can go to the next slide. In terms of our offtake book, you can see on the left-hand side here, the last nine months of the year have had a significant outperformance of spodumene versus chemicals. You can see this relativity as we talk about of spodumene to the chemical linkage, which is hydroxide in this chart, has really stepped out from the historical averages. This has led to an underperformance of anyone who has got chemical linkage in their book. You can see on the right-hand side that two of our contracts out of three have a chemicals reference for CY 2026, so calendar year 2026. As we move into January, that flips the other way where two-thirds of our product will be linked to spodumene and only one legacy contract on hydroxide. These offtake agreements were entered into in 2022 to support the development and financing of Kathleen Valley, and at the time, no reliable spodumene index was available for contracting that was accepted by customers. We have worked hard to try and change the chemical exposure, and we were able to resell some of the Ford tonnes to Chengxin in the ramp-up period until the end of this year. From 2027 and 2028, those are released, and we've resold those to Canmax linked to spodumene index. I think on a look-forward basis, you'd see us start to close the gap a little bit on spodumene. We do continue to have that one-third of the contracted volume on hydroxide. With that, I'll hand back to Tony. Thank you, Grant. Let me conclude today's presentations by once again summarizing the key takeaways. Five things. One, we delivered a profitable year and a strong operating cash flow of AUD 182 million while still ramping up. The ramp-up is on plan, and the 2.8 million tonnes by the end of FY 2027 is on track. I hope the detailed explanation that Ryan has provided gives further confidence to that. Third point we want to make is the market has turned. We backed our own judgment, and we're reinvesting into our flagship asset of Kathleen Valley with discipline. The balance sheet is strong enough to fund the growth from our own cash. Finally, we're ready to scale on that basis an expansion that can deliver production to the market incrementally and flexibly. FY 2027 is a year we invest to make the growth real. FY 2028 is where you'll see it being delivered. On FY 2028 and beyond, the production cost and expansion capital will be part of the final investment decision at next month's board meeting and FID. Today, it's about FY 2027. The credit for this year goes to our people. I thank the board. The accountability is mine. The shape of the business is right, but the job's not done. We know it. We'll keep our heads down and keep delivering. Thank you, and we're happy to take questions now. Thanks, Tony. 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 will then hear a beep indicating your microphone is live. Our first question comes from Lyndon Fagan from JP Morgan. Lyndon, please go ahead after the beep. Thanks, and good morning, everyone. Tony, firstly, just wanted to pick up on your slide that talks about the M&A. It does feel fairly early in the journey to be looking for acquisitions. Just wondering if you can expand on jurisdiction, brine versus hard rock, what it is you're actually looking for at this stage. Thanks, Lyndon. I feel that in the course of our presentation today, we left the audience clear that our priority is Kathleen Valley, first and foremost. So we're putting a lot of time and resources into prioritizing and ensuring that Kathleen Valley is to its full potential. At the same time, we have to keep one other eye on the broader market as we want to grow as a company. So we will look at opportunities as they present themselves, and we've been very public that our core competency is hard rock, so we will continue to look for hard rock opportunities. We also can't ignore one of the largest sources of lithium units in the world being brine. So we'll also keep a close eye on those brine opportunities. But we also acknowledge that we do not have capability as yet in that area. Any potential opportunity we look at in that area, we will partner with someone of demonstrable background. Okay, great. Another one I had was slide 16 talks about the amount of ore per level at 2 million-5 million tonnes. In the quarterly, it was quoted at 3 million-5 million tonnes. Was that just a typo, or do we need to read into that change of the amount of ore per level and think about any sort of reduced productivity associated with that? Yeah. Ryan here. Look, I think the underlying data that drives that graph hasn't changed. If you go back 12- 18 months when we first started talking about productivity through the lower levels of Mount Mann, the data's the same. I think the way we've characterized it, particularly when we've shown that graph, I think it's on slide 18, which actually shows that level. We've probably refined the way we've characterized it, but the underlying data is still the same. Still expecting to get the same level of productivity out of those lower levels of the mine. That's what we're trying to do a bit of a double-click into through the presentation today. Hopefully that helps. No change, Lyndon. The next question comes from Austin Yun from Macquarie. Austin, please go ahead after the beep. Morning, Tony, Ryan, the team. Just a question on the offtake, please. I understand your production will be flat-ish in the near term before a step up in the first half of CY 2027. Just keen to understand your offtake commitment across the next 12 months. Are they evenly allocated or would there be any flexibility to suit your production rate? Thanks. I will let Grant explain that one. Thanks, Tony. Austin, look, I guess, when we start looking forward in the schedule, we typically get our guidance and sit down with customers and agree a forward shipping schedule. While the general principle is that that has to be evenly spread, I think there is a recognition from customers that it also has to match the tonnes that we have. As we look forward across the total year, we do not see any issue with meeting our commitments on offtake in FY 2027. Thank you, Grant. Just one quick follow-up, if I may. On the accounting side, I note that you changed the EBITDA calculation by removing some inventory movements. Could you please provide some color for that change? Would that get pushed into the earnings levels? Also any implication to the unit cost calculation going forward? Thank you. Yes. Greg here. I will take that question. It is a change that we made for the half-year numbers as well, where we restated half year 2025. Previously, the EBITDA calculation was adding back the depreciation and amortizations charged against the assets. D&A goes into inventory and then it comes back out into the P&L as we sell tonnes. Therefore, the amount of depreciation and amortization that is actually in the P&L is driven by sales tonnes, not what was booked against the asset. I think it is a more reflective representation of EBITDA to include the D&A that is actually in the P&L. Half one was restated, full year 2025 was restated, and then 2026 was just done on that new basis. Sorry, there was a second part to your question, which was impact on unit operating cost. That unit operating cost metric is a cash cost metric. Therefore, the change in method for EBITDA had zero impact on unit operating cost. The next question comes from Glyn Lawcock from Barrenjoey. Glyn, please go ahead. Hey. Morning, Tony. Couple ones from me, thanks. Just to clarify, did you have any open cut ore left for feeding in this quarter we are in, or is it just purely processing the underground that you mined? Thanks. Are you talking this quarter, Glyn? So quarter one of FY 2027? Yeah, sorry. Yeah. Yeah, Q1 of FY 2027. Yeah. As we mentioned in the quarterly, we, excuse me, we do have open pit material left in quarter one, but we will hopefully consume that by the end of the quarter. Okay. There will be some supplement to the underground. Sorry, I was away for the first quarter. No, correct. Fourth quarter call. Yep. Then just maybe you could help me understand the disputed shipment that's in the accounts. What's in dispute? Is that a quality issue or what? Could you just help explain what that is and whether it gets resolved? Thanks. Yeah, I will take that one. I cannot be specific as to the reason behind the dispute, but there is a dispute that we are currently working through. We have made a provision in our accounts around that dispute over one shipment, and we are pretty confident that we will resolve that pretty shortly. Okay. Is that a timing or quality issue, Tony? I cannot specifically give you the details because it is commercially in confidence because we are in the process of finalizing the negotiations. Thank you. Thank you. Well, it's nothing to do with quality, right? I can tell you that. Thank you. There are no further questions on the platform. I will now hand back to Tony. Thank you, Michelle. Once again, that brings our FY 2026 to a close. We are really looking forward to FY 2027. Thank you for the questions and thank you for listening. That concludes today's call. Thank you for joining us. You may now log out.