I would now like to turn the conference over to Mr. George Bauk, Peninsula Energy Ltd CEO and Managing Director. Please go ahead, sir. No worries. Thank you very much, and thank you for everyone that has joined the webinar. It's obviously been a long time since Peninsula Energy has presented the story, and as you have seen in recent days, the reason why and the commencement of the new beginning. I'll take you through this presentation, and then seek questions at the end of it. That's the standard disclaimers as part of the presentation. Apologize, there's a bit of a delay between my clicking and coming along, so I apologize if I pause for any length of time. Where I'd like to start is give you a little bit of an insight into 2025. I joined the company in January this year, and then take you through what we've fixed and what the steps are going forward. When I joined back in January, the first thing that was identified was a delay in the construction and commissioning of the CPP. Originally, the target was to produce dried yellowcake by the 31st of March, and this was delayed, and we're on the cusp of producing our first dried yellowcake, but that really put us back six months. The other challenge that resulted from that was the limited on-site resin storage capacity, which meant we had to slow down and cease the development of our wellfields as we waited to get that front-end capacity to then feed that into the plant. We identified with the wellfield design that with particular reference to Mine Unit 3, that in years gone by, there was a change in the design of Mine Unit 3. They were looking to do bigger patterns, and with the lower expected flow rates, that caused a lot of issues in the length of time it took to acidify Mine Unit 3, as well as how long it was going to take us to recover up to 80% of the pounds under pattern. That was stretched out to nine months for the acidification process to get down to pH two and over three years to get the pounds of over to 80% recovery. When we started to have a look at what was the implication of those key items, we realized that the elephant in the room was our contract book, and we had 5.74 million lbs locked in over nine years on a take or pay basis. For 2025, we had 470,000 lbs, but 2026 was 900,000 lbs. We really had an issue of having to look at going to the market, and with commentary about pricing going up, that was a real potential liability. If you recall, in January, there was an announcement made that the estimate for the book loss of the first delivery in June was going to be AUD 5 million. We were fortunate that the price dropped in May, June when we bought the pounds on market, and the loss actually accounted to AUD 1.5 million. We identified some gaps in operational management practices. I've spent four of the last seven months on site. It's fair to say when you stand back and reflect at a 50,000 ft level, two years ago, the company experienced the cancellation of the UEC contract for the toll trading arrangement. I know the impact that had on the share price and the company overall. When you look at where we are today, we're in a much better position strategically because what we've been able to do is pivot from that position two years ago to now actually have our own Central Processing Plant and our own capability to produce dried yellowcake. Whilst it was bad news two years ago, the pivot has created a better asset base for the company going forward. Over those two years, there was a lot of work done on studies, getting ready for the first concrete pour, the build of the plant, how we start up the wells, et cetera. Now we're working through making sure we've got an organization that is structured and focused on operations as where we are today. It's fair to say that the previous strategies of overpromised, aggressive targets and so forth. When I look at where we are today, the plant was built within 13 months of the first concrete pour. To go back in July last year to look at how we were able to build the plant was an exceptional effort. The disappointment was it was overpromised, and the expectation of 31 March is what's caused a lot of issues internal and external. We've actually redesigned the head houses. We've gone to a smaller pattern for a number of reasons. That includes reviewing the ore body in terms of the 35 ft wide roll fronts, and it was more amenable to tighten up the spacing between the injection and the production wells. We've gone from approximately 80 ft to 60 ft. We're going back to smaller head houses, going from the 80 ft, the 45 production wells to 30. What that will mean for Mine Unit 4 and going forward is that the acidification process will take between three to four months, and we'll be able to recover 80% of pounds under pattern within 12 months as opposed to 3+ years for Mine Unit 3. That's going to really change the ability to ramp up and get to a high level of production. We're looking at ways in which we can improve flow rates at some of the low flow rate areas within our mine units, current and going forward. We've reset the contract book. This was one of the most important pieces that we had to do to get to where we are today. From the moment we went into suspension, we were in very challenging negotiations with four of our utilities who held six contracts, and we were able to terminate 5.14 million lbs under contract, with no commitments in calendar year 2026 and 2027. We have one contract that remains on foot, and that's for 600,000 lbs, 100,000 lbs per year from 2028 onwards. We now have a production profile in the next two years that is not contracted, and we now need to look at how we sell that product. We've had a refreshed and reorganized board. Back in November 2015, the company announced that there was going to be changes to the board and management. That resulted in my appointment. Jitu Bhudia has been appointed as our CFO, who started in March. We've also had John Harrison, Harrison Barker, Mark Wheatley, and Wayne Heili leave the board. Then we've had Dave Coyne step up to Non-Executive Chairman. Dave's recently completed his executive role from the takeover of Spartan Resources by Romelius. We've had Keith Bowers join us as a Non-Executive Director and is a chemical engineer by qualification and has worked in the uranium industry, so adds a lot of value from a technical perspective. What are the investment highlights for Peninsula Energy? We have a significant resource of 58 million lbs at the Lance Project with exploration upside. We have a fully constructed 2 million lbs Central Processing Plant that we received our final approvals from the URP two weeks ago. We're well into our commissioning, and by the end of September, we will produce and drum our first yellowcake. We have uncontracted production. We have an experienced team. We've got a lot of guys on site that have worked in ISR, both in the U.S. and Central Asia and Australia, that really understand the operational aspects of ISR. We have a growing list of initiatives to deliver cost-effective pounds of uranium. We are working on ways in which we can improve the cost profile of the project. We're looking at acid as one particular cost driver and also the entire process of drilling. We're unpacking the drilling workflow to see how we can improve the efficiency and cost aspects of drilling. As many of you will know, we're in a top jurisdiction in the U.S. We're based in Wyoming. Over the past couple of years, Wyoming has had the regulatory aspects transferred from federal to state level. We've got an outstanding relationship with the URP, which has resulted in us getting approvals for Kendrick, which underpins our next eight to 10 years of production, as well as the approval to now go ahead and deliver and produce uranium. As you can see there, that's where we're located, around the Powder River Basin. We're located in the northeast corner, a very large land package there with huge potential, and Dagger is just to the north of the Lance Project. Just a quick couple of words about the uranium scene in the U.S. The U.S. consumes about 50 million lbs, and that graph you can see on that slide highlights that since the turn of the century, the best annual production out of the U.S. for uranium has been approximately 5 million lbs. Late last week, there was an announcement by the Department of Defense that has set up a committee that is looking at the entire supply chain. There's been a significant amount of effort looking at enrichment, nuclear reactors, conversion, and now they've got to look at actually the primary supply of uranium. We couldn't be better positioned by commissioning our Central Processing Plant and being in the state of Wyoming to be part of that conversation and see how we can participate in the energy dominance policy of the United States. We'll be applying a disciplined approach. We have made a lot of changes on site. We've reorganized the team on site. We've implemented a number of systems and practices to make sure that we are managing the production on a daily basis, scheduling on a weekly basis, making sure that we deliver on our promises. We fully respect and understand that we need to improve on the integrity aspects of the company and the way in which we deliver on our promises made, and that has to start on the way we behave and operate on a daily basis. We put measures in place to ensure that we start from the base and ensure that we deliver what we say we're going to do. What's been the outcome of the reset plan has been a change in the way that we're ramping up the project. As mentioned in the first slide, we talked about this reset, having to understand when we're going to start producing, which is now September. Look at the wellfield development, which was delayed because of the delay in the build of the CPP. Horizon 1 is to complete the reset plan, which has largely been around the equity raise to underpin the reset plan. We're now working through the commissioning. We expect to produce up to 50,000 lbs in calendar year 2025. We move to Horizon 2, which is really ramping up. That's moving into that 400,000- 600,000 lbs per annum. In calendar year 2026, we'll be producing between 400,000- 500,000 lbs, and in calendar year 2027, between 500,000- 600,000 lbs. That'll be underpinned by 60% of the production coming from Mine Unit 4, 28% from Mine Unit 3, and 12% from Mine Unit 1. We have got upside built into this production guidance. Some of the key assumptions that have been part of that reset plan include for Mine Unit 4, we've assumed a flow rate of 12 GPM. We have historically talked about 16 GPM for Mine Unit 4. We've taken out some of the high-flowing flow rates from wells to bring that down to 12 GPM. We'll be working to ensure we get 16 GPM from Mine Unit 4. Mine Unit 3, we've taken out one of the head houses because of the low ramp up, and it's got lower flow rates than the other two head houses. However, we have had a driller on site in the last month that has got proprietary drilling techniques that could improve the flow rates of the lower flow wells. We may have the ability to bring that head house back into the profile in 2026 or 2027. 85% of the capital has been sunk on that particular head house, so a very marginal cost to bring that on. We also have Mine Unit 2 up our sleeve. If Mine Unit 1 performs, this is the mine unit that historically produced from alkaline leach. If we get the results we expect to get out of that, if we can reduce the cost of acid, then we will look at bringing on Mine Unit 2, which has been totally capitalized and available to be commenced re-acidification. We do have upside available in our Horizon 2. The work that we'll start immediately will be to review our life of mine. It's all about moving into Horizon 3 and moving into Horizon 3 as quick as possible. One of the major differences between the assumptions in Horizon 3 and the production levels in Horizon 3 versus previous production guidelines has been the fact that we are using 12 GPM for the flow rates instead of 16- 20 GPM. If we can demonstrate the performance of Mine Unit 4 at levels close to 16 GPM, that'll have an immediate impact of even pushing that 1.2 million-1.5 million lbs up. If our grade recovery curves are better than expected, which we've been, we've got a conservative grade recovery curve, then we have the potential to even push that boundary. That's our real key focus for the first half of 2026, to input the data of the early production information from Mine Unit 4, go through a financial investment decision, and then move to Horizon 3 as quick as possible. The key funding requirements for Horizon 3 is working capital to bring on more Head Houses than we have in our Horizon 2 forecast. We see that funding likely to come from the likes of the U.S. government. As I mentioned before, there is a lot of action and activity, a lot of funding availability for projects in the U.S. in critical minerals, including uranium. We'll be working on that, and Jitu and I will be in Washington, D.C., in the second week of September. That's most of the things I've discussed on this slide. We expect cash operating costs to be in the range of AUD 20 million- AUD 25 million per annum. In 2027, when we start producing close to 600,000 lbs, you'll see that the C1 costs will be around the mid-forties. Once we get into that full-scale production, our targeted C1 cash cost is between $30-$ 35. One of the big cost drivers in that is acid. As mentioned at the outset, we are working on how to improve the price and cost of acid to the business. We'll also be working on a number of growth initiatives, including Dagger and Barber. Dagger will be undertaking a scoping study. It's twice the grade of Lance, and that could be a great production source in the coming years. It is really about trying to find a mine plan to fill the mill. We are mine constrained, not mill constrained. We have a plant that has been built to 2 million lbs, and we have a license to take that to 3 million lbs. The key step to go from 2 million lbs to 3 million lbs is the acquisition and installation of an additional dryer. For a circa $7 million, we can move that plant to 3 million lbs, but we need to find an underlying mine plan to really challenge the 2 million lbs capacity that we currently have in the CPP. We have an outstanding relationship with our regulator, and that's been reflected in the results we had with the approval of Kendrick in May, as well as the approval to be able to proceed and take uranium on resin into phase II, which we commenced last week. The refreshed board and corporate team, as mentioned at the outset, we currently are now a four-person board: myself, Dave Coyne, Keith Bowes, who was announced to start after the capital raise but joined prior to the capital raise. I was with Keith on site in July. Brian Booth remains on the board, and as mentioned, Jitu joined in March. Refreshed site leadership teams, Dave Hofeling's taken the reins of GM of Operations. Brian Powell stepped up to VP of Operations and Development. This is the fourth project that Brian Powell has built of a CPP nature, both in Central Asia and the U.S., and is now moving into the operational role to deliver on the outcomes. Ken's another point of note, who's an outstanding operator in occupation and safety and approvals. This has been one of our real key outcomes and achievements over the last three months. As highlighted in the bottom right there, you can see the shadows of what previously was the contract book. We had 470,000 lbs to be delivered. We did deliver 200,000 lbs in June, and then that quite high contract book in 2026 onwards. We've now taken that totally away. There are no liabilities associated with those historical contracts. We don't have any promises with those parties. We simply have one contract on foot that commences delivery in 2028 for 100,000 lbs a year for six years. That contract has a blend of spot price and a base price, which reasonably reflect the current market conditions. For the Lance Project, I'll just highlight that one of the real things we have to demonstrate to the marketplace and overcome some people's concerns is really around consistent flow rates. The challenges, Mine Unit 1, and as I said at the outset, Mine Unit 1 is only a small amount of pounds for the production profile in 2026, 2027, and that's been the conversion from alkaline leach to low pH, which has worked. All of our uranium that was stored on resin from December to April has come from Mine Unit 1. Mine Unit 3, we've addressed the issues associated with the low flow rates. The low flow rates underpin the assumption in the reset plan. We didn't have initial peroxide injection. As part of the construction and completion of the CPP plant, we now have the permanent system in place for acid injection and peroxide injection. With stable injection of those two key ingredients, we will see better acidification and better performance of our mine units going forward. We will work on flow rates, as mentioned earlier, about how we can do that better. We have a very focused wellfield maintenance program. We've seen Header House 12, which is part of Mine Unit 3, that is acidifying better than planned, and part of that has been the program he undertook, pardon me, to make sure that the mine units, that the wells, were conditioned before we commenced the acidification process. We had to resize the organization. We originally had 16 drill rigs on site. We now have eight. That will go up once we start moving towards Horizon 3. We've reduced our workforce on site from 72 to 52. Following those redundancies that I was on site for, I've not been involved in a redundancy reduction process that's actually seen morale go up. We're working on the acidification process of Header House 12, and the development of Header House 14 in Mine Unit 4 is progressing well and on target to commence acidification in November and production in February of 2026. In terms of the CPP, we now have a fully constructed plant. The water commissioning was completed weeks ago. The URP approved for us now to produce yellowcake. We settled with Samuels. Some of you will recall that we had a fixed- price contract back in November last year. That was based on drawings of September 2024, sorry. We had to realize the fact that we needed more concrete, more electrical cables, and so forth. We ended up settling with Samuels for AUD 4 million, which included AUD 2 million cash, which has been paid, and AUD 2 million in equity, which the EGM is tomorrow. Samuels, we've maintained a really good relationship with Samuels during the process to reach that settlement. They never slowed down the development of the plant. I credit Samuels for the way in which they behaved on site. We have a CPP with 5,000 GPM capacity. With this, Horizon 2 and looking at risk mitigation factors, we basically have a plant that has two lines of 1 million lbs per annum capacity. We won't be reaching that capacity of one line in the next two years. We have a lot of risk mitigation in the CPP if we would have any issues in any part of the circuit. We have a replication of the circuit in the plant. We have the capability to receive uranium on resin, which may be part of our investigation of a way forward of how we can get to 2 million-3 million lbs. That's our flow sheet, which is pretty standard. The opportunities, I highlighted at the outset that we're working on asset price. We're working with our asset supplier. They're on site in July when I was there, and we're talking to them about how can we reduce the price of asset that we pay. We've got a number of initiatives there. We're looking at whether or not there's the opportunity to build a modular-based site-based sulfuric acid plant. Keith Bowers has been involved in that in the past. We've got discussions with Keith at the moment to understand whether or not that makes sense for us to investigate. We're working on documenting the entire drilling process to make sure that we clearly understand it, and then that we have a look at how can we optimize it from a production perspective as well as a cost perspective. We see a significant amount of upside there, and we want to bring all these initiatives into the update of the life of mine that will drive our process next year to go to Horizon 3 as soon as possible. Each one of these initiatives are captured in a database, which we review on a weekly basis. We have systems in place within the company to make sure that progress is made on each and every activity that I present to you. Just quickly, all of our production for Horizon 2 will come out of that gray area known as ROST. That's the location of mine units one, two, three, and four. In respect to Kendrick, we have that all approved. Kendrick has approximately the next eight to 10 years, and it has exploration upside. When you have a look at Barber, which has not been part of recent life of mines, Barber is 7x the size of Kendrick. We see a huge amount of exploration upside in Barber. We have sufficient lbs within our current asset base to have a long life and also challenge our mine and mill capacity. We also have Dagger to the North, which we are allocating AUD 1 million for a scoping study. Dagger is twice the grade of the average grade of the Lance Project. We're going to start to investigate a number of opportunities of either develop all this ourselves, or is there another way to get to that 2 million-3 million lbs? Do we look at a joint venture partner on Dagger and where we may purchase uranium on resin? Do we look at carving out the southern part of Barber and doing a similar thing? Are there different ways we can look at getting to 2 million lbs and beyond? We'll be investigating all those options going forward. As mentioned before, 1,000 PPM, there is a road, a county road that runs from Ross all the way to Dagger. It's 30 km. There's power that runs through the Dagger project. It's a well-positioned uranium resource that we'll be looking at in the next six to 12 months. In terms of the uranium market, there is just so much positive news about a lot of countries that are restarting, looking to build reactors, looking at nuclear to be a key part of their energy mix going forward. You've seen AI and data centers really driving a lot of the demand of the power in the U.S. They're looking to nuclear to be the key source. The U.S. already has a big fleet. It consumes a lot of pounds. It wants to become independent, and we are perfectly positioned in Wyoming to be part of that. I think we're in a great position to take advantage of what's ahead of us in the uranium market. At your own leisure, you can have a look at a couple of points on that slide in relation to the United States and where the reactors are located. Apology for the delay in those slides. Very quickly, we announced last week a raise of AUD 70 million. That has all been driven by the output of the reset plan. We have announced three aspects associated with the capital raise: Tranche 1 placement, we've got a Tranche 2 placement, and we also have a fully underwritten rights issue, which each and every shareholder has the right to take up one new share for each one existing share held at a price of AUD 0.30. It has been underwritten, and you would have seen in the announcement that Tees River Uranium Fund has committed to AUD 22.5 million of the total AUD 70 million, and that's broken up into AUD 7.5 million for the Tranche 1 placement, AUD 7.5 million for the Tranche 2 placement, and AUD 7.5 million towards the underwriting of the rights issue that shareholders will look to taking up their right or not. The application of funds is largely going towards infrastructure, wellfields, and header houses. The CPP plant is built. There are a couple of final payments to be made there in that AUD 1.5 million. Growth-wise, we have Kendrick and Dagger, AUD 3.4 million, a Kendrick optimization study looking to collect and understand the Kendrick ore body better, and then Dagger with a AUD 1 million scoping study. We have a AUD 5 million payment to terminate the largest sales contract. Once that payment's made, then we will have one contract on foot. The working capital includes capital available to pay out our debt facility. It's a two-year debt facility, which is payable in the middle of 2027. We have allocated funds to pay that out, and this will leave us with approximately AUD 20 million in the bank at the end of calendar year 2027. This capital raise provides full funding for Horizon 2. As a result of the time it took us to get the contract book reset, and without resetting that contract book, the likelihood of Peninsula being able to attract capital was very unlikely. That was a significant overhang on the company, and that was an essential step before we could launch the capital raise. We required to take this short-term debt because at the time of signing that debt, we hadn't completed all of the contract book reset, and we didn't have an end date. We had to protect ourselves from how long it may have taken us to complete that reset of the contract book to be able to then launch this capital raise. The indicative timetable, you all have this. Again, apologize for the slides being slightly behind me. I'm conscious of time. Pro forma capital structure at the end of the completion of the capital raise, and the Samuels and all other parts will have 400 million shares on issue. In summary, we've really put in place a reset. We now have a plant that is on the cusp of producing dried yellowcake. We have commenced the re-acidification and acidification of our new header houses to deliver uranium into the plant. We have undertaken the capital raise to now have a fully funded Horizon 2. We have made the changes with the team. We've done a lot of work on our processes and systems. We know that we need to regain investor confidence into this story. We are very focused on delivering on our promises that we preach. We aim to be updating the market as frequent as possible. We're really excited about the future. We believe we've got an outstanding platform to take full advantage of this uranium market that is about to burst. We see that with the activity that is happening around the world, the demand that is being driven by AI and data centers, uranium being the cornerstone of the mix of our energy requirements going forward. We couldn't be better positioned by being in Wyoming. Thank you very much for listening to the story, and I'll now hand over for 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 your handset to ask your question. We will now pause momentarily to allow individuals time to queue. Today's first question comes from Jason Mayall, a private investor. Please go ahead, sir. Mr. Mayall, your line is open. You may be muted at your phone line. Mr. Mayall, you are live to answer your question. Thank you. Thanks, George. That was a really good presentation. It's great to see the stock back on the exchange. My question was, with those terminated contracts, the parties that were involved, were most of them amenable to renegotiating new contracts once you've got the plant running to a reasonable capacity? Another, my final question, what was your biggest concern going forward? Obviously, you've had a lot of big issues to deal with since taking over from Wayne. Yeah, thank you. Yeah, no problems. Thanks for your questions. Firstly, on the utilities and contracts, our real primary focus was to address the issue of having to terminate them. Of the four utilities, one of those obviously remains a customer. The other three, we will be meeting some of those at the conference next week in London for the World Nuclear Conference. We will start to have those conversations again. I mean, obviously, it's been a very difficult time to have to front the utilities and want a termination when those contracts are in the money for them. Look, we will have a discussion with them. We're going to be developing our marketing strategy for production in 2026, 2027. We really need to make sure that we learn from the past and we put a structure in place that our production will drive our sales rather than our sales will drive our production. I'll be better positioned to understand how the mood is post meeting and after where we've come from with them recently. I suppose, like any operation, the real key concerns are going to be the performance of the ore body. It's really about grade, about the grade recovery curve, and about the flow rate. Those are things that we've really got to make sure we stay on top of and address them as quick as possible. To my mind, those are two biggest areas that we need to really stay on top of and ensure that the ore body behaves. Yeah. Great, thanks, George, and good luck to you all going forward. Thank you very much. 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 Dominic Gallo with Gallo Legal. Please proceed. George, can you hear me? Yes, I can. George, I'm not clear on Horizon 1. You've said in the investor presentation that in Horizon 1, you expect production of 50,000 lbs, and that's for the calendar year 2025. Does that include what has already been produced, or is that production from here on in? When we talked about production in the past, that has been the amount of uranium captured on resin. Those numbers that are in the slide that talks about production out of the different horizons, that's about dried yellowcake. Calendar year 2025 will be up to 50,000 lbs. That's incorporating the pounds that had been captured on resin that now will move through the plant. Nice. You say up to 50,000 lbs, that's from, so it could be below that. There's no, yeah, go ahead. Yeah, look, I mean, I suppose the up to really is, I suppose we had to demonstrate we will produce some pounds this year. This is all about completing the commissioning process. Like commissioning all plants, you need to be cautious in your forecasting to make sure that you work through all the traditional usual commissioning matters. We've got to build up the wellfields. The combination of all those things is the reason why we have up to 50,000 lbs for the December quarter, basically. It's, you know, we really produce our first dried yellowcake in September, and then it's the first of October to December for those 50,000 lbs. Okay. I'm not sure. I've got a couple more questions. I'm not sure how many are waiting. I know Wyoming as a jurisdiction. I understand in winter, it's, the weather can be quite harsh. Are you able to keep operating through a harsh Wyoming winter? Oh, yes, we are. Are you able to keep producing? Yeah, look, yes, we are. I mean, we've factored that in. My first six weeks fundamentally in the job was at site, and I think there were 10 days where it was running at about - 28°C. I drove to the operation every day. The guys were in, you know, apart from the odd day. From a construction perspective, you have certain activities that may have the odd day, like, you know, wet weather in the north of Australia, etc. Fundamentally, yes, we can operate all 12 months. Okay. Finally, in relation to the 1 million service rights that you've been granted, those vest in two tranches. I understood. Are there any performance-related conditions attached to those service rights? No. All right. Okay, those are all of my questions. Thank you. Thanks for asking. If you wish to ask a question, please press star one on your telephone and wait for your name to be announced. At this time, there appears to be no further phone questions. I would now like to hand the call back to Mr. Bauk for any closing remarks. Yeah, look, thank you. Thanks for everyone for listening. I know it has been a challenging 2025 for all shareholders, especially being suspended since April. We're really excited about the future. We believe that we have resolved many matters, and where we are today and looking forward with clear awareness of the past, we see an exciting future. We'll be doing everything in our powers to deliver on all the promises within Horizon 2, but more importantly, try to bring that Horizon 3 as forward as possible because the real value to be unlocked is to fill the mill. We see a really bright future. It's the right time to be in uranium. We're in the right place, and we really look forward to a lot of success. I really thank you all, and hopefully, you're all part of the future going forward. That does conclude our conference for today. Thank you for participating. You may now disconnect your line.