I'd now like to welcome Justin Werner, Managing Director, to begin the conference. Justin, over to you. Thank you, and thank you, everyone, for your attendance. Could I please ask the moderator to turn to slide two, please? We'll kick off with safety. 80 million man-hours, LTI-free for the 12 months to the end of June. We continue to remain the ESG leader in Indonesia, one of only three nickel mining companies to receive a green PROPER rating, and we achieved the highest score of all nickel mining companies in Indonesia. In terms of other ESG initiatives during the quarter, we've entered into a joint agreement to explore for natural hydrogen in and around our Hengjaya Mine permit, which could potentially unlock low-cost clean energy sources. We've inaugurated our biodiversity area and again, we continue to receive awards. The university scholarship program is progressing very well. We've had another batch of candidates, and we're now up north of 20 candidates that are studying at university across various degrees. If we could just go to the next slide, please. Quarterly results, $120.5 million in adjusted EBITDA. That was down on last quarter, driven by some maintenance at some of our RKEF operations. I would note, though, that the first half 2026 EBITDA from operations currently sits at $256 million, and that versus, again, compared to the full year 2025 EBITDA of $283 million. We're certainly on track for a significantly stronger 2026 when compared to 2025. Other highlights throughout the quarter was the announcement of the CNE and TMI HPAL transaction. The CNE transaction, in particular, values the Sampala project at over $1.3 billion, which is a 5.4 x value uplift. It allows us to acquire additional high-value MHP units of 10,000 tonnes for nil consideration. We are also pleased during the quarter to announce a resource upgrade at Sampala of over 1 billion wet metric tonnes at 1.24% nickel. One of the largest resources globally, when combined with our HM and Siduarsi resources, makes us one of the largest holders of nickel resources globally. Moving to the Hengjaya Mine operations. We had a record quarter. $45.7 million in adjusted EBITDA, up 58% from the previous quarter, and that was driven by a change in the HPM pricing from the Indonesian government. Sorry, if I could just ask you to stay on slide two. In terms of mining, 2.9 million tonnes of ore was sold for the quarter. That despite a shutdown for a couple of days in April, we're certainly progressing extremely well. For July, we're already at 1.2 million tonnes, we're targeting 1.3 million tonnes plus for July, we've had a very strong start to July. Off the back of that increase in HPM pricing, we've had a 66% increase in EBITDA per tonne. It's up to $15.90 a wet metric tonne. At our RKEF operations, EBITDA was down to $60.3 million, predominantly driven by a kiln reline at ANI and some planned maintenance at the power plant. That led to higher costs and lower output at ANI, as we had to purchase third-party power, which is higher. Also, we've commenced a full kiln and furnace rebuild at the first kiln at HNI. We're seeing less production coming out of HNI and some increased costs. Despite that, I think the positive at the RKEF side of things is the continuing increasing NPI price. Average $14,522 a tonne for the quarter, up 10% on the $13,201 a tonne that was recorded for the March quarter. That's come off a very low base of sort of $10,000 a tonne last year, we're continuing to see strengthening in the NPI pricing, which bodes very well for our RKEF operations. Given the work that was done at ANI, it's now performing very strongly throughout July, we're looking forward to a strong quarter again from our RKEF operations. At HPAL, very pleased to have announced this morning production of first MHP from our ENC HPAL project. That's a tremendous milestone. We'll continue to update the market as we target first cathode in August and continue to. This is the production from the first of three autoclaves, we will look to sort of sequentially bring on the second and third over the course of the coming weeks. At HNC, adjusted EBITDA was down to $14.4 million, predominantly driven by higher costs. Margins remain very strong at $8,090 per tonne, pleased to announce a maiden dividend of $3.5 million from HNC. We could just go to slide four, please. To summarize mining operations, 2.9 million wet metric tonnes of ore sold. I mentioned the eight-day suspension in April, that we're on track for 1.3 million already in July. You can see the increase in the average realized sale price, $37.80 a wet metric tonne, up from $25.20 in the March quarter, up almost 50%. That's translated into an increased EBITDA per tonne margin of $15.90 up from $9.50. A very strong quarter from the mine, we expect the mine to continue to perform strongly for the remainder of the year. On the 21st of July, we did submit an application to increase our RKAB to 19 million tonnes. We're entitled to make that application. The Indonesian government has signaled that it most likely won't be increasing RKAB, we'd certainly made the application and we will advise the market as to the outcome of that. We could just go to slide five, please. Sampala and Siduarsi projects. I mentioned the upgraded jaw resource, over 1 billion wet metric tonnes. If you apply the current $15.90 blended margin across limonite and saprolite, you can see the significant value of Sampala. We've been able to monetize some of that value with a share swap for 18% of Sampala, into 36% of the ENC HPAL, which has a nameplate capacity of 28,000, and that will give us 10,000 attributable nickel tonnes for nil cash consideration. Importantly, Sampala will be integrated with ENC and also TMI as the ore supplier, so 14 million tonnes a year of limonite into those projects. In terms of project development, the ETL, which is one of the three IUPs feasibility study, is going through the iterative process of review, and we're hoping to be able to announce approval of that feasibility study shortly. The feasibility study for ANN has been completed. We're targeting ETL approval of the feasibility study this year, submission of an RKAB, initial RKAB of 6 million by the end of this year. For ANN, we're looking at an RKAB application early next year for around 14 million tonnes. Finally, on Siduarsi, the feasibility study there continues to work through the various government approvals. Could we just go to slide six, please? In terms of the HPAL operations, as I mentioned, very pleased to announce first MHP from ENC. It's a tremendous milestone and looking forward to first cathode in August. Over at HNC, I think the key takeaway there is despite cost pressures from increased sulfur pricing, EBITDA margins remain very robust at 8,090 tonnes for the quarter. Obviously, 3.5 million maiden dividend back from HNC. If we could just go to slide seven, please. Just to summarize again, the ENC and TMI HPAL projects. What it's allowed us to do is effectively acquire another 17,000 tonnes of attributable nickel for $169 million consideration, which makes it a capital intensity of slightly over $10,000 a tonne. Significantly lower than our peer. In the TMI HPAL, we're in a consortium of very good names, LS MnM. They're the world's second-largest copper refiner. They have six significant precursor production facilities in Korea, for global customers. Hanwa, a Japanese trading house, and a very large strategic investor in the EV chain. Those projects are well advanced and looking at commissioning around sort of third quarter of next year. The only consideration is that $169 million payment to November 2026. If for whatever reason NIC is unable to make that payment, then Tsingshan has provided a debt backstop if required, at commercial rates. I think again, reflective of the very strong relationship that we have with Tsingshan and the support that they continue to provide to the company. If we could just go to slide eight, please. Finally, on our RKEF operations. I mentioned, down slightly this quarter due to the kiln relining at ONI and the maintenance of the power plant. ONI are now performing very strongly, in July. We are undertaking a full kiln and furnace rebuild at one of the lines at HNI, which will take about four months. That led to some lower output, some higher costs. The higher costs were also impacted by the increase in nickel ore. We've sort of seen a transfer of margin away from the RKEFs into the mine, which was reflected in the record EBITDA for the HM mine and the 58% increase in EBITDA compared to last quarter. I think most pleasingly, what we're seeing is continued increasing NPI pricing- Moving to slide nine. I'll hand over to Chris for this slide. Yeah, thanks, Justin. Thank you, everyone. Just on the cash flow waterfall, you can see we've had an improvement in cash in the June quarter, which we foreshadowed at the end of our last quarter. Pleasingly, we had $82 million of cash flow prior to any growth in debt. You can see $74 million of that is from the RKEF operations. Really unwinding the RKEF trade receivables balance, and also, at HNC, as Justin mentioned earlier, we received our maiden dividend from that HPAL investment, which is obviously very pleasing and we're looking for or expecting dividends to continue moving forward. The payments for E&E assets is to cover the Sampala and Siduarsi operations, the developments there for our mining operations. The $28.5 million payments for investments are the payments for, again, for our Sampala investment to our local partner. The loan to related party of $20 million or $19.9 million is primarily a working capital loan into the ENC HPAL. We've drawn down debt from the Nexus loans that we refinanced in April, the $450 million of bank debt there. The end result is an increase in the cash from just over $210 million to $270 million at the end of the quarter. Thanks, Justin. Okay, thank you. Look, in summary, a strong quarter, although impacted by some maintenance at our RKEF operations. I think looking forward, we're very positive on the strong mine EBITDA for the remainder of the year from the Hengjaya Mine. At HPAL operations, at HNC, we're seeing strong EBITDA margins despite cost pressures. First cathode in August will be another significant milestone for ENC and its commissioning ramp up. Look, I think what we are starting to see is the Indonesian government has been quite active in policy, but I think we are seeing the benefits of the HPM policy and the improvements in ore margins, and certainly the policy is reflecting into stronger NPI pricing. I think that the fact that they've also intervened in the HPAL space and a moratorium on any further HPAL growth, I think you're seeing, as I said, the results in that across different segments of our business. We're looking forward to the second half of this year. With that, hand over to Q&A. Thank you, Justin. 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, press the star one again. When called upon, please use your handset, ensure your line is unmuted, and be ready to ask your question. Your first question is from the line of Austin Yoon from Macquarie. Your line is open. Morning, Justin and team. Just a question on the broader market. We see quite a bit of a noise from media reports on RKAB relaxation and then rejection of that assertion. Just keen to get your first-hand understanding of the government's stance on this RKAB. I note you mentioned that you submit the application, but at the same time you don't anticipate that to be granted. Any additional color would be very helpful to understand the broader market. Thank you. Yeah. Look, thank you for that. Look, unfortunately, we are a victim of the press quite often looks to sort of sensationalize any comment from an Indonesian government minister and immediately, and as you pointed out, the first headline was RKAB relaxation. A fairly unconfirmed report. Look, the Indonesian government has since come out and said that it is monitoring the situation. It will most likely keep the RKAB quota where it is. Certainly companies such as ourselves are invited to make an application to increase their RKAB, which we've done. I can't give you an answer as to what their position is. Certainly they've indicated that they are using RKAB as a lever to support better pricing. Okay, thank you. Just a quick follow-up, given the ramp up of ENC, how should I think about the ore feed into the downstream against this context of quota restriction? Yeah, look, we would expect to be at the sort of 1 million tonnes a month limonite requirement for ENC by fourth quarter of this year. Lastly, just on the input materials, could we please get an update on the sulfuric acid and also if any diesel costs or any other inflation cost pressure in the region? Thank you. Yes. We currently hold sulfur stocks of 67,000 tonnes. That gives us coverage out to October and potentially longer than that. The first 50,000 tonnes was acquired at an average price of around $450 a tonne. We have gone into the market and acquired another 17,000 tonnes at a price of around $1,000 a tonne, which is less than the current price that is being quoted in the market. We are continuing to work with Tsingshan on sourcing lower cost sulfur than what we are seeing in the market. That is something that HNC has certainly been very successful in doing. That has been reflected in the continued strong EBITDA per tonne margin that we experienced over the June quarter. Thank you. I'll pass it on. The next question is from the line of David Coates of Bell Potter Securities. Your line is open. Thank you. Morning, Justin. Thanks. Chris, thanks for the presentation and congratulations on the commissioning you announced this morning on the first product this morning. Just quickly, just checking on the RKEF outlook, you mentioned, I think the four-month reline at HNI. Just checking on the timing, is that starting this quarter, or is that rolling into this quarter? We will be progressively rebuilding the kilns and furnaces at both HNI and RNI. They're two lines each, so four lines in total. We've started on the 1st line of HNI. The time to fully rebuild the kiln and the furnace is about four months apiece. Over the course of the next year, we will be incrementally rebuilding the kiln and furnace across our HNI and RNI operations, although when you look at them in terms of EBITDA contribution, they're certainly much smaller than ANI and ONI. One thing that we certainly do expect is post the rebuild, we should see significantly better performance from those kilns and a much lower cost. What happens as the kilns and furnace start to degrade is that you have to reduce the power that you can put into them, that hence reduces the output and increases the cost. As we rebuild those, we expect to see improvements in those. Yeah, it's over the course of sort of a year that we're going to rebuild those four lines. Should we be just sort of looking at around sort of a 6% or so lower than nameplate production outlook for those, for HNI and RNI over the next 12 months, roughly speaking? Yeah. I think that's a reasonable number. Thanks, Justin. Just already touched on the sulfur cost, I imagine that was one of the factors in the higher cost for the HPAL this quarter. Is that the main driver? Yeah. It's the main driver and also slightly increased limonite ore costs. Yeah. Okay. Sure. Finally, just a little bit curiosity, if you could just touch on that mention of natural hydrogen exploration. Obviously, it's fairly low cost and a bit of a sort of option kind of thing. Would you just add a comment or two on that? Yeah. Look, it's a group that has experience, and I believe they have a plant in Spain. They are undertaking a study. It's no cost to Nickel Industries for the first year. They'll be undertaking a study over the course of a year, just to try and determine what the potential may be, given that my understanding is that the ophiolites, which are a source of the nickel, are highly prospective for the production of hydrogen. Look, as that study progresses, we'll be able to feed back the results from what they're seeing. Awesome. Yeah. Thanks very much. I'll pass it on. Thanks, Dave. Your next question is from the line of Jit Ming Tan of Barclays Bank. Your line is open. Hi. Morning. Thanks for the call. Quick one for me here on the ENC HPAL as you ramp up towards full production. Can you talk a bit about the customers that you have been able to secure besides Sphere? Yeah. Look, we're still talking to a number of interested parties, and we are predominantly given that we're commissioning the cathode plant, we will probably be feeding, or nearly all of the MHP will be going into the cathode plant and producing cathodes. Initially, as you know, cathode is LME deliverable, so there's no need for an end customer. We still have ongoing discussions with a number of potential off-takers for MHP and sulfate. Thank you. Your next question is from the line of [William Jing] of ION Analytics. Please go ahead. Hey. Thank you to our tradition on the strong results. My question is first about the nickel cathode. Just wonder how much will be the unit operating cost or the cash cost of converting the MHP into nickel cathode. I remember from the April call that there will be a several hundred U.S. dollar premium of nickel cathode to the pricing of MHP, but I didn't know about the operating cost side. What is it, the incremental cost per unit? We don't have that conversion cost yet, as obviously we've only just fed in MHP, and we haven't produced any nickel cathodes yet. We'll certainly be updating the market as to what that cost is. I think you've mentioned a premium. The premium is in regards to registering the cathode with the LME. LME-registered cathode carries about a $200 a tonne premium to the LME price. The initial cathode that we sell into the LME will be at the LME probably about a $200 a tonne discount until we get it registered. Our intention is first cathode production, we will be sending some of that to LME to commence that registration process, which we think will take somewhere about a year to get successful registration. Okay. Thanks for correcting me on that. Second question is on the working capital need for ENC project. I remember from the April call that the company said there will be, correct me if I'm wrong, $40 million-$50 million working capital build for the ENC project. I see that in the second quarter, we've spent around $20 million in that working capital loan. Just wonder how much do we still need for the third quarter for the working capital build or the $20 million is about all the cost that we are going to put as working capital to the project? I can take that, Justin. Thanks for the question, William. We did say the $40 million-$50 million, I believe on the last call. Yes, we've spent $20 million now. This is Nickel Industries' share that we've spent. We're currently looking around that level. As it's probably clear to everyone, it will very much depend on what happens with the sulfur price over the next three to six months. It will increase slightly if sulfur doesn't come down, I'm not able to give a prediction on sulfur, and I will not give a prediction on sulfur. I think everyone would understand why. There's at least another $30 million for us to spend for Nickel Industries to spend over the next six months. I'm hoping it stays at that level, obviously it'll depend on the sulfur level. Okay. Fair enough. The last quick question is on Sphere. The current partner for the off-taker for the ENC project. I just wonder, are there any developments to the loan on their side that will provide credit enhancement for? Also just to understand, because Sphere, although I've seen the news that they've raised a lot of cash from convertible bond issuance and et cetera, it seems that according to the first quarter results, their cash is still a bit tight. Just wonder, in case that we will have to trigger that credit enhancement obligation to take over the loan, what's a management assessment of the current situation, based on the loan covenant and the chance that, how large or small the chance is if we need to assume that loan, if Sphere's liquidity does not improve a lot in the near future? I can take that one as well, Justin. We have provided effectively a backstop to Sphere, to the three private lenders to Sphere. I think everyone's aware of that from when we announced the transaction. As things are currently standing, we're not expecting anything to be hit there. What I mean by that, the covenants and some of the requirements sitting within that loan, we're very confident will be met by ENC in the ramp-up. We will know more as I get Sphere's six-monthly numbers over the next month. From what I can see, and it's all based around the expected ENC cash flows, I'm not expecting any issues there for us having to take over that loan, let's say. In any event, if we were to take over the loan, we'd take over the shares at the price and we'd effectively be receiving those 10% shares at the much cheaper price, given that they've already paid for those shares and we would effectively be getting them at a much lower price. As I said, we will give an update once I have their numbers and finalized numbers as well through in August when we put out our half yearly result. Okay. Thank you. Yeah, that's all from my end. Thanks, William. Yeah. Next question is from the line of Xiao Liu of JP Morgan. Please go ahead. Xiao Liu, your line is open. Hello. Can you hear me? Yes, we can. We can. Oh, okay. Thank you. First question from me is that the cash generation from the Hengjaya remain quite low, although you see a solid EBITDA increase. What is the reason, and do you expect a working capital release from the Hengjaya? Yeah, there's a few issues there at HM. Some of it relates to stockpiling of our limonite ore in the lead up to the ENC commissioning. There's also tax payments and royalty payments. They're given, including back payments, at HM. We've also got working capital. It's mostly an accounts receivable build due to downtime at the start of the quarter, which I think we noted in our June update, that there was some downtime and there's some accounts receivable build there, which we would obviously expect to unwind through this quarter. Okay, thanks. We also see there was a $20 million loan to related parties. Can you please share more details about it? Yeah, that's the working capital loan that we've put our share of the working capital into the ENC project as it's commissioning. Given that ENC's, obviously, we own 46% of it's a related party, we've put in as a shareholder loan. Okay. The next one is, what is the ramp-up schedule of ENC? Are we still seeing some supply disruption there? Justin, I'll hand back to you on ENC ramp-up. Look, the ENC ramp-up, we're targeting nameplate capacity by fourth quarter of this year, as early as October. Okay, thanks. The last question from me is that, could you please remind me of the CapEx for this year and the next year, including any amounts related to the new acquisitions and any fundraising plans for the CapEx? Thanks. Yeah. Justin, do you want me to take that? Yep. Yeah. For the acquisitions, we've got obviously the payment for TMI, which we announced last month, the TMI HPAL investment. That's our $169 million for the 17.5% interest that's due in November. We announced at the same time that we've got a credit backstop there or a debt backstop should we need it from Tsingshan. At this stage, I'm not expecting to need it's nice to have it there if required too, obviously, that we've got no plans to be forced to issue any equity. In terms of Sampala in April, we've still got remaining acquisition payments to make, that's for ANN. We've made $5 million for ETL, that's been made. We've got another $144 million for our 60% interest that's payable in April. Interestingly around that's the same transaction. We're acquiring the 60% interest for the $144 million, that's the one which we are then selling of that 60%, we're selling 18% at effectively a 5.5x markup, which is valuing that Sampala project at $1.3 billion. Remaining CapEx on top of that for the Sampala project at this stage is, we still believe, is $30 million to bring it into production, we're expecting that to occur over the next six to nine months with Sampala production to commence in Q2 2027. That's all from me. Thanks. Thanks, Xiao Liu. Before we move on to the next question, a reminder, if you would like to join the queue, to press star one. Your next question is from the line of Cindy Huang of Invesco. Please go ahead. Hi. Morning. Thanks for the update. Some of my question's been addressed. I do have a follow-up question. You mentioned that for the TMI, $169 million due in November, it's got a backstop for that. I'm wondering, what is the expected source of payment for the $144 million in April? That's the first question. Second question, at this stage, do you anticipate that you would increase investment or your interest in TMI and CNE going forward? Or any investment or working capital required to bring it up to nameplate towards the middle or second half of next year? Thank you. I'll address the second part of it first, Cindy, which was the investment. No. That TMI is fixed. We've now got a consortium there of Chinese, Singaporean, Korean, Japanese, and Australian investors. The 72.5% is held by the Korean and Japanese consortium, and obviously the 17.5% is Nickel Industries. That's fixed. There's no changes to TMI. We expect no further investment there. In the CNE HPAL, that's an annual cash investment for us. We don't expect any further investment. I think when Justin did the presentation last month on the Sampala Project monetization, we believe we're finished doing our investments into HPAL. Given that there are no further licenses being given out by the Indonesian government on HPAL. We're very well and truly at the end of our investment cycle. In terms of the payments, I'm expecting to pay both the $169 million and the $144 million from operating cash flows. The $169 million in November and the $144 million in April. For TMI and Sampala from operating cash flows. To the extent that we cannot pay it from operating cash flows, that's when Tsingshan's backstop comes in. I would not intend to borrow from Tsingshan if I need to in November, leaving cash in the bank to make the April payment. It's more likely that I would use the cash that we have in the bank and from operations to make the November payment. Should I be short come April, for whatever reason, if the operating cash flows weren't as strong as we're expecting, that's when we would draw down on the debt from Tsingshan. It can effectively be seen from Tsingshan as being a debt facility, an undrawn facility that we can call upon if required. I see. The backstop from Tsingshan can cover both TMI and Sampala in April if needed? Well, yeah. Cash is fungible. If I set aside cash for April and use it in November, Tsingshan will obviously allow us to then draw down for April. Right. Good. Thank you. That's good to know. Just one point of clarification. On the CNE, you mentioned that it's an annual investment. Could you just clarify what you mean? Oh, sorry. -by that? You at the end of the. Yeah, sorry. Yeah. No, no. Sorry. Definitely not an annual investment. I meant to say we're at the end of our investment cycle. Oh. Last few years, as you know, we've invested heavily into HPAL and transitioned into, I guess, this side of the EV supply chain of nickel. We're seeing now that the TMI and CNE, we believe they're really our last investments and we're heading into a cash generation and hopefully a cash return to shareholders phase. Okay. Great. Good to know. Just one final question from me. I think you mentioned that the sulfur stockpile is up to October. I suppose ENC is targeted for nameplate capacity in October. Does that mean that ENC, the sulfur needs, you're still sourcing at the moment, or you have some stockpile for the ENC ramp up to October as well? Justin, I'll throw back to you on sulfur for ENC. Yeah. We already had an existing 50,000 tonnes that was purchased many months ago, at that $450 a tonne price. Since then, we have gone into the market and just purchased an additional 17,000 tonnes. That was opportunistic. That was done at a price that was well below the current market price. At the moment, we're holding about 67,000 tonnes of sulfur stockpiles. Right. Okay. That covers your needs for ENC up for October ramp up as well? That will get us through to nameplate and up till around October. Yeah. Got you. Thank you. Thank you very much. That's it from me. Thank you. You have a follow-up question from [William Jing] of ION Analytics. Please go ahead. Yeah. Thank you very much for allowing me for another one question, hopefully. My question is about the regulation side. Sorry, William. We appear to have lost you. Sorry. Yeah. Can you repeat that, please? Yeah, sure. No problem. My question is on the regulation side. Indonesian government, according to the report, they've been considering implementing windfall tax or export duties on nickel products. I believe we touched upon this in the last quarterly update call. Just wonder if, on your side, have you seen any developments on implementing the windfall export duty, or it's basically put on hold because of the feedback from the industry? Yeah. That's my question. Yeah. No, those have been walked back. At this point in time, there is no intention to introduce any of those taxes. Okay. Got it. Great. Thank you. Thanks, William. There are no further questions on the conference line. I'd like to hand back over to Justin for closing remarks. Okay. Look, thank you, everyone. Look, as mentioned at the end of the presentation, looking forward to a very strong second half of the year, particularly from the Hengjaya Mine operations, as well as strong RKEF EBITDA, which is being supported by a continually increasing NPI price. Obviously at ENC, significant milestone with the successful production of first MHP, as we continue to wrap that up and move to the next significant milestone, which is the first cathode in August. Thank you everyone for your time again today. This concludes today's conference call. Thank you all for joining us. You may now disconnect.