I would now hand the conference over to Paul Hemburrow, MD and CEO. Please go ahead. Good morning, everyone, and thank you for joining Paladin Energy's FY 2026 financial results conference call. Joining me today on the call are Anna Sudlow, our Chief Financial Officer, Scott Barber, Chief Operating Officer, and Alex Rybak, Chief Commercial Officer. FY 2026 was a significant year for Paladin, and one in which we delivered on several key commitments across our operating and development portfolio. Most notably, we successfully completed the ramp-up of Langer Heinrich Mine in Namibia, delivering annual production of 4.82 million pounds of U3O8 and sales of 4.35 million pounds. We revised our production guidance in April, and we are pleased that the final production result was at the top end of that increased range. This achievement reflected the growing capability of our team and the quality of our operational execution. As we have grown our production capability and increased the LHM workforce, our risk management systems and processes have enabled the team to deliver on their safety objectives. We are proud of our strong safety performance in Namibia, which was reflected in a low group TRIFR of 3.2 for FY 2026. We remain committed to ongoing improvement, further training, and strengthening of our safety culture. The successful ramp-up translated into a substantial improvement in our financial performance. Revenue increased 71% to $304 million, supported by higher sales volumes and an average realized price of $70 per pound. We reported gross profit of $52 million and generated positive operating cash flow of $37.7 million for the year. Net loss after tax improved significantly to $9.1 million. On the balance sheet, we ended FY 2026 with $265 million of cash and investments and an undrawn $70 million revolving credit facility. This provides us with considerable flexibility as we continue to invest in growth while maintaining a disciplined approach to capital management. Alongside the operational success at Langer Heinrich, we continued to make meaningful progress at the Patterson Lake South project in Canada, one of the highest quality undeveloped uranium projects globally. During the year, we achieved environmental impact statement approvals, advanced the licensing process with the Canadian Nuclear Safety Commission, completed an engineering review and then progressed FEED activities, and announced the Atlas discovery, which further highlights the growth potential within close proximity to PLS. More broadly, we believe Paladin is exceptionally well-positioned to benefit from the continued strength of long-term uranium market fundamentals. Growing demand for secure, reliable, and low-carbon baseload power continues to underpin increasing support for nuclear energy globally, reinforcing the importance of existing and new uranium supply. As we enter FY 2027, our priorities remain clear: maximize the value from Langer Heinrich Mine, unlock the value of the PLS project, advance the exploration assets, and maintain a strong balance sheet that supports long-term shareholder value creation. On behalf of the board and management team, I would like to thank our employees, contractors, customers, local communities and shareholders for their ongoing support throughout the year. Thank you again for joining the call today. I would like to open the call to questions. Thank you. If you wish to ask a question, please press star one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star two. If you are on a speakerphone, please pick up the handset to ask your question. Your first question comes from Hugo Nicolaci with Goldman Sachs. Morning, team. Thanks for the update today. Firstly, less on the result, more just looking to the Investor Day next week. I just want to get a sense of what we should expect there. Are we going to get more detail on the operational outlook on Langer Heinrich, or is that more just a pivoting the focus to Canada and the Patterson Lake development? Thanks for the question, Hugo. I do not want to ruin the surprise of the Investor Day, but the focus is clearly going to be on PLS. We have spoken a lot about Langer Heinrich Mine over the last couple of years and the success that we have had through the ramp-up. This financial year just gone underpins that Langer Heinrich ramp-up is now complete. We have got full production capability, and what we are turning our attention to is really leveraging the value out of PLS. So what we would like to do next week is give people more insight into what we are doing, the key milestones that we have achieved and that we have coming up, and some of the growth opportunities that come out of our exploration project. Fantastic. Maybe just on that, from a funding perspective for Patterson Lake, and obviously we've seen uranium prices rising more recently, share price with it. How do we think about the right mix of funding options for Patterson Lake here in terms of project versus prepayment versus potential equity in that mix? Hi, Hugo, it's Anna. Look, I think as you'd appreciate, the project is really strong economically, and what that provides us is plenty of options. Given we're still a while away from an FID on PLS, our key focus at the moment is really on ensuring we retain flexibility, and that flexibility is really ensuring we can project finance if we want to. That's kind of the key focus at the moment, acknowledging that's not the only path, but probably the longest lead transaction. What we'd like to get out of the process that we're running there is really an indication from potential debt financiers around ticket size, around what the offtake book might look like. So that's the initial focus at the moment. Just acknowledging we've got a way to go and a range of options available to us to fund PLS. All right. Thanks guys. I'll pass it on. Your next question comes from Alistair Rankin with RBC Capital Markets. Oh, good day, team. Appreciate the presentation and for taking my question. Just firstly, on the Langer Reserve statement, I saw there was a small downgrade for the in-situ reserve due to the TSF 6 placement sterilized a little bit of the ore body. Can you just give a little bit more color on what happened there and why that sterilization has happened as a result of the TSF 6 placement? Might have to reverse back to you on that one, Alistair. I must admit, I don't specifically remember that level of detail. I'll get back to you as quickly as I can. All good. No stress. Maybe one for Alex, just broadly on the uranium market. Price report is the term price in the mid-90s. I think things are getting a little bit ridiculous there because most participants you speak to are reporting well above this. Just wanted to get your feel on where you're seeing prices in broad terms right now, how the activity has been for the last few months. It seems like it's been a little bit quiet for the last couple of months, but, as we head in exit summer, you usually see it seasonally higher. Just wondering how you're seeing it at the moment. Yeah. Hi, Alistair. So this is, as you've noted, typically is a quiet period being a Northern Hemisphere Summer. But despite that, we've had a number of inquiries and discussions and RFPs, both for term supply and just overnight. Got a request for a spot supplies supply into 2027. Which is not our sort of business, but it's interesting, and that is really one of the things that we expect to bridge the delta between the term price and the spot price. Which in recent months has been above historic levels. I think as we come into the WNA, people are recognizing that that delta needs to narrow and term prices aren't coming down. So there's only one way for the spot price to go. And the discussions with the utilities have already been quite interesting. We are in the market, obviously speaking with all of our utility customers. It's going to be really interesting at WNA in the next couple of weeks. It is really an industry event that all the utilities attend, I think this year's is going to be very active. Utilities recognize the tightness in supply, they are really looking for supply in the 2030s, so it would be really interesting to see what happens there. Alistair, the depletion is actually a combination of three things. That is ore depletion from mining, write-down of the MG3 stockpile, a very small amount from TSF 6, which is actually caused by the western wall that we put in place that does sterilize a very small amount on the northern southern sides. The TSF 6 component of that is very small. Okay. Understood. Appreciate that. Thank you. Your next question comes from Branko Skocic with JP Morgan. Yeah, morning, guys. Just had one question on PLS, and I appreciate obviously the update we can expect next week, but just particularly around native title and the Martu Nation. If you could just talk to any progress that you've seen in the last three-six months with that group in particular, it would be much appreciated. Thank you. Yeah. We have very constructive and positive engagement with the remaining two First Nations groups, and we're continuing to progress our conversations with them. It's progressing as you would expect. I'm hoping that in the not-too-distant future, we're able to conclude those negotiations for the benefit of us and both the Martu and the Pintupi groups. All right. All good. Then just picking up on one of Hugo's questions earlier, I was just wondering what the preferred funding pathway, as we see it today for management for PLS, could be, and has that potentially changed over the last 6-12 months? Look, I think our ultimate objective is to minimize the cost of funding, and to have line of sight of funding at FID. At this point, we're really just ensuring we retain flexibility on all options. I said earlier, the project financing is the longest lead transaction to get done. Our initial focus is ensuring we don't lose that as an option. But we'll continue to evaluate the options that are available to us as time progresses. Makes sense. Appreciate it. Thank you. Your next question comes from James Bullen with [CGL]. Oh, good morning, all, and thanks for taking my question. Just around the market. One of your peers last week on their conference call talked about a change in mindset from utilities, moving from a just-in-time approach to a just-in-case approach, which to me suggests restocking. Are you seeing any evidence of that? Is there more activity in the term market than you'd otherwise anticipated? Yeah, James, we're definitely seeing that, and we've been talking about that for a little while because we are seeing requests for proposals in the 2030s, well into late 2030s, in fact. Which has been quite unusual with utilities being a lot more forward-thinking. It's really a combination of a number of things. One is the supply-demand deficit and the new supply that's required to balance the market. I think it's also the geopolitical developments and, if in the previous years it's really been the tug of war between, I guess, U.S. and China, if we were to simplify it a little bit. We've got these additional countries now entering the mix with India, and with their aggressive reactor build-out programs. You hear less of Russia, but they are also building a lot of reactors and also building a lot of reactors in their country's sphere of influence. That requires, I would think, Kazatomprom results. A lot of their production is earmarked for China and Russia. The U.S. is obviously taking steps to finance reactors, to enable the reactor build-out program there. All these factors are really feeding into a market that requires supply into the long term. That is why there is that more of a just in case rather than just in time approach. Understood. Thank you. Your next question comes from Daniel Roden with Jefferies. Good day, guys. My first question I just wanted to ask was just on Patterson Lake South, just noting that you are aiming to target for the end of calendar year 2027. Can you remind us what the pre-FID spend is committed for FY 2027 and 2028 before the construction decision is taken? Just noting the September 2025 CapEx raise had earmarked $170 million for the pre-construction costs. How much of this has been incurred and how much is remaining? Sure, Daniel. Look, we do report those numbers in the MD&A, and I think the development spend is around 19, from memory, to the end of this financial year. But I do not think we have specifically called out CY 2027 and CY 2028, and that kind of profile. But if you look back at that September raise, you are right. We do provide that reconciliation in the MD&A that we released today. Yeah. Okay. Thank you. Can you remind us, is that pre-construction cost sits outside of the 1.2 billion CapEx, correct? Yes, Daniel. Yeah, perfect. Just wanted to, I guess, ask a question more generally just on, I guess, the timing of when you do, I guess, economic testing on elements of Langer Heinrich and kind of noting the TSF 6, I guess, write down of some of the MP inventory. I just wanted to understand how frequently you rerun, I guess, your revenue and cost assumptions to test the economics of things like the TSF 1 relocation to access F Pit and the recoverability of the low-grade stockpile treatment at the end of mine life and what the frequency of some carried balances might be. Daniel, so I guess what we do is, it's a continual process, right? We have to make a range of assumptions around the pricing mechanisms. But we continually evaluate and then we have a formal annual process, with the board where we kind of approve the forward-looking financial assumptions. We also do periodic evaluations of the life of mine plan that drive those economics as well. Thanks. Remind me if I am recalling correctly, your life of mine plan assumes a $ 60 per pound price. Is that correct, or is it a bit higher than that? Yeah, I think the spot price is $50, Daniel. $50. Awesome. No worries. Thank you very much. I will hand it over. Appreciate it. Once again, if you wish to ask a question, please press star one on your telephone and wait for your name to be announced. Your next question comes from Glyn Lawcock with Barrenjoey. Morning, Paul. Couple of ones from me. Just on the 400,000-lbs loan. I know you have 200,000 lbs due this quarter. Have you come to a landing on whether you are going to renew it, replace it, or repay it as yet? Yeah. I will get Alex Rybak to talk to that one. Glyn, so this particular one will essentially extend that facility. Then we have another one that is maturing in the March quarter. We will just see, as we stated during our guidance release, the intention is to repay part of the loans. I think it is really a combination of our shipping schedules, our delivery obligations. So there is not really a fixed answer I can give you on the timing, but we will evaluate that a little bit closer to time. But gradually we expect to repay part of the loans. But we will obviously retain a balance. It is a standard industry practice to utilize these loans as well as the purchase and saleback arrangements, which we have utilized before, as well as the location swaps. That is all part of our toolkit in making sure that we meet customer deliveries as efficiently as possible. Alex Rybak, just on that, is there like a cost to extend and then an ongoing cost? How does it sort of trigger? There is essentially an annual interest cost, which is quite competitive. We are essentially borrowing material that is sitting on the books of intermediaries and not being used. So it is a very cost-effective way of financing your working capital. Glyn, we do provide. Sorry, I was. Again, there is a bit of detail in the MD&A around the costing around those product loans and the mechanisms. All right. I will have a look at that. Thanks. Paul, it has been about five weeks now, and I guess back at the quarterly, you called out that it would be a game of two halves, and you said the first 2Q have a one-week outage. Has that week outage occurred in this quarter already, or is it still to come? I am just wondering how it went, if it has occurred. Thanks. Yeah. Glyn, like I said, you are right, it is a game of two halves. I have also said it is an outdoor sport. The planned shutdown has occurred and we are running broadly in line with our budgeted performance. So, nothing unusual to report back on. Sorry, Paul, you cut out on my end. It may not be for everyone else, but did you say you have actually done the week outage? Sorry, I missed it. Yes, the week outage is complete as planned, and we are operating in accordance with our budgeted performance. Okay, that is great. Thanks very much. Thank you. Thanks, Glyn. Your next question comes from Alistair Rankin with RBC Capital Markets. Oh, thanks, guys, for the follow-up. Daniel reminded me about that TSF 1 relocation that you are going to do to get access to the S Pit. That is a few years away now. Just a quick one. I am not a mining engineer, but is it just as simple for that TSF1 relocation? You just get a bunch of figures, a bunch of trucks together, and it is just moving a heap of dirt from one spot to another into the, I think it is the H pit that you are turning into your new TSF. Is it as simple as that? Scott here. Thanks for that. It is a little bit more difficult than that. The tailings will still be a bit damp, so it is not just moving a dry pile from one area to another. It will need to be encompassed. We are going to need to build a new tailings dam or tailings facility, and then we will relocate that in. It will be via truck and shovel. We just need to manage it a little bit because it will still have some moisture in the core, in the center. We are a couple of years away from doing that work. Yeah. Okay. Yeah, sure. Sounds good. Thanks. There are no further questions at this time. I'll now hand back to Paul Hemburrow for closing remarks. Thanks everyone for your questions and, of course, for your continued interest in Paladin Energy. Like I said, FY 2026 was a defining year for the company. Successfully completing the ramp-up of Langer Heinrich. We delivered substantial improvements in our financial performance, maintaining a strong balance sheet, and of course, most significantly, advanced and de-risked the Patterson Lake South project through a number of important milestones. Looking ahead, our focus remains on continuing safe and reliable production at Langer Heinrich, progressing PLS towards development, advancing both its near mine and regional exploration opportunities, and creating that long-term value for our shareholders. Paladin is well-positioned to benefit from strong fundamentals in the uranium market that we're currently sitting, and of course, from that growing role of nuclear energy in supporting global energy security and decarbonization. I appreciate your participation in today's call, and I look forward to speaking with many of you again on the Investor Day next week. Thank you everyone, and have a good day. That does conclude our conference for today. Thank you for participating. You may now disconnect.