Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Dale Henderson, Managing Director and CEO. Sir, please go ahead. Thank you, Michelle. Good morning and good evening, and thank you all for joining us today. I will begin by acknowledging the traditional owners on the lands of which PLS operates, the Whadjuk people of the Noongar nation in Perth, and the Nyamal and Kariyarra peoples in the Pilbara. We pay our respects to elders past and present. I am joined today by Alex Willcocks, our Chief Financial Officer, and Sandra McInnes, our Chief People and Sustainability Officer. FY 2026 was a record year for PLS and a strong demonstration of our through the cycle strategy in action. Today, we will take you through the operational, financial, and sustainability performance for the year, our strategic progress, and the outlook for PLS before we open the line for questions. Turning now to slide two. At Pilgangoora, we delivered record production and sales, both up 17% on the prior year, and we achieved our FY 2026 guidance, and we lifted lithium to a new record of 36.5%. As market condition strengthens, we are also able to respond quickly, approving and preparing for the restart of the Ngungaju facility and accelerating P2000, including the approval of approximately AUD 175 million of pre-FID investment for P2000. We continued to progress Colina as our principal geographic diversification opportunity whilst maintaining a disciplined approach to chemicals, commencing commissioning of our mid-stream demonstration plant, and operating our PPLS JV in batch mode to preserve capital. That strong operating performance, together with improved market conditions, translated into a significant improvement in our financial results. Turning now to slide 3. Revenue increased by 152% to AUD 1.9 billion, driven by stronger realized pricing and record sales volumes. Underlying EBITDA increased to AUD 1.1 billion at a 59% margin, reflecting the operating leverage in the business and delivering Net Profit After Tax of AUD 526 million. We finished the year with AUD 2.3 billion in cash, providing the capacity to invest selectively in growth whilst maintaining our balance sheet strength. In accordance with our capital management framework, as a board, we have determined a fully frank final dividend of AUD 0.05 per share. Turning now to slide four. Alongside our operational and financial performance, we continue to make progress across our sustainability priorities. Safety remains our most important priority. Our group TRIFR improved by 11% from the prior year to 2.77, but we remain focused on continuing to make improvements in this area. We also reduced absolute scope one and two emissions by 5%, and we recorded zero major environmental, water or waste incidents. Sandra will cover our sustainability performance in more detail later in the presentation. Turning now to slide five, which shows our through the cycle strategy and how this played out during FY 2026. During the weaker market, we positioned the business defensively, protecting the balance sheet, reducing costs, and preserving operating flexibility. As market conditions improved, we were able to respond quickly, approving the restart of the Ngungaju facility and moving back towards the P1000 operating model and accelerating our growth options. Our strategy was not dependent on predicting the market turn. It was about ensuring the business was positioned to act when the opportunity emerged. As I've said historically, we've been using the cycle as leverage, not a limitation. As slide six shows, that operational flexibility has translated very quickly into cash generation. Turning to slide six now. As pricing strengthened through FY 2026, the operating leverage in our low-cost platform became increasingly evident. Quarterly cash margin from operations increased from AUD 8 million in the September quarter through to AUD 579 million in the June quarter. With 100% ownership of Pilgangoora, our shareholders received the full benefit of the scale, the cost position, and the operating leverage we had built. The strong cash generation, together with our balance sheet strength, gives us capacity to invest selectively whilst maintaining financial strength. Now, one more call-out from the slide. I draw your attention to the horizontal line that is $ 2,465 per ton. This is Benchmark Mineral Intelligence's long-run expectations for pricing for the industries. That return that we see in the June quarter, AUD 579 million, that was at a value less than the $2,465. So that June quarter really does demonstrate the cash-generating potential of the platform, and it's exciting to think about the future, depending what price you want to pick. It's an incredible platform. We've got the scale, we've got the low-cost position, and here are the results, as you can see in these results we've announced today. With that, I'd now like to hand over to Alex to take us through the financials. Thank you, Dale. Good morning and good evening, everyone. Turning now to slide eight. FY 2026 delivered strong financial performance. Underlying EBITDA of AUD 1.1 billion, NPAT of AUD 526 million, and a closing cash balance of AUD 2.3 billion. These results reflect disciplined execution capitalizing on market recovery. Revenue of AUD 1.9 billion was up 152%, driven by 121% increase in realized price to US$1,488 a ton, combined with 17% volume growth, partially offset by some FX headwinds. Unit operating cost on an FOB basis improved 9% to AUD 569 per ton, reflecting volume leverage, ongoing operational improvements, and our Cost Smart Future Ready program in action. Underlying EBITDA of AUD 1.1 billion reflects that revenue growth and operational efficiency. Net profit after tax of AUD 526 million captures our strong earnings, partially offset by higher depreciation from an expanded asset base and tax expense as we return to profitability. Capital expenditure of AUD 328 million was in line with guidance and comprised mine development CapEx of AUD 146 million and infrastructure projects and sustaining CapEx of AUD 182 million. These strong operational and financial results translated directly into substantial cash generation, as shown in our cash flow bridge. Turning to slide nine. Cash margin from operations of AUD 1.36 billion underpinned the 135% increase in cash to AUD 2.2 billion, supported by volume growth, cost discipline, and strong pricing. The year-end cash included the US$100 million prepayment associated with the Canmax offtake agreement announced earlier in the year. We received a prior period tax refund of AUD 74 million, which will normalize now that we have returned to profitability. Net financing cash flows of AUD 353 million reflect net proceeds from the US$600 million inaugural U.S. bond, partly offset by a AUD 442 million RCF repayment, as well as lease costs and interest expenses. The combination of these factors resulted in a further strengthening of our cash position to AUD 2.29 billion, and we finished the year with AUD 2.79 billion of liquidity. Turning to the balance sheet on slide 10. We have maintained a strong balance sheet while deploying capital for growth and retained capacity to fund future investment. Property, plant, and equipment increased 6% to AUD 2.86 billion, with AUD 445 million in mine properties and development additions, partly offset by AUD 275 million in depreciation. Payables increased to AUD 436 million, reflecting in part the contract liability for the remaining unutilized portion of the Canmax prepayment. Borrowings increased to AUD 853 million, following the US$600 million bond issuance, net of the RCF repayment, with the remaining AUD 500 million RCF facility undrawn. Lease liabilities increased 24% to AUD 281 million, reflecting approximately AUD 90 million invested in heavy mobile equipment. We expect to complete the last phase of the owner operator transition as we progress through FY 2027. The strength of our balance sheet positions us well as we consider future investment, supporting long-term value creation for our shareholders. Turning now to slide 11. On the back of this strong financial position, the board has determined a fully franked final dividend of AUD 0.05 per share, representing a distribution of approximately AUD 160 million to shareholders. This implies a payout ratio of 22% of FY 2026 adjusted free cash flow, which is within our payout ratio range of 20%-30%. I will now hand over to Sandra for an overview of sustainability performance. Thanks, Alex. Good morning and good evening, everyone. Turning now to slide 13. Our three sustainability focus areas are: valuing our people and communities, sustainable operations, and responsible and ethical actions guide how we manage our impacts, engage with our people, communities, and partners, and make disciplined decisions that support responsible long-term value creation. Turning now to slide 14. Safety remains our first priority, and we are pleased to report our Total Recordable Injury Frequency Rate improved by 11% from last year to 2.77. We also continue to invest in our people and culture. Our latest culture and engagement survey achieved a participation rate of 86% and an overall engagement score of 75%, which are above the Australian benchmark. These results show our workforce feel valued and connected to our vision. Female employment increased to 21.9%, demonstrating our continued progress towards our diversity and inclusion objectives. Turning now to slide 15. Through sustainable operations, we aim to reduce our impacts while identifying better ways to make a positive contribution and create value. Across our Australian operations, we achieved a 5% reduction on our scope one and two emissions. We surveyed more than 45,000 hectares of flora and fauna, supporting responsible management of our environmental footprint. We also recorded no major incidents, with zero major environmental, water-related, or waste-related incidents during the year. Turning now to slide 16. We believe that long-term success is built on genuine partnerships with our communities and stakeholders. During FY 2026, we directed 93% of our procurement spend to Australian businesses, supporting local economic value. We also invested AUD 38 million with First Nations businesses, strengthening Indigenous economic participation. Our financial contribution extends across our stakeholder base. We paid AUD 65 million in royalties to government, and we also increased our investment in communities, contributing AUD 2.9 million across Australia and Brazil. Turning now to slide 17. We have published comprehensive reports covering our operations and sustainability performance for FY 2026, which reflect our ongoing commitment to transparent disclosure. These reports are available in the sustainability section of our PLS website. I will now hand back to Dale to discuss strategy and capital allocation. Thanks, Sandra. It is great to see the strong progress in the area of sustainability. Although sustainability is a full organizational focus, I want to thank you, Sandra, for your leadership and your team for the great progress we have made over this past year. Now, I would like to spend a few minutes on the strategy behind our overall results and why we believe it positions PLS well through the cycle. Pilgangoora is the foundation of PLS. It is a tier one asset with an over 30-year mine life, of which we own 100%. That ownership gives us control over operating decisions and capital allocation, whilst our shareholders retain the full benefit of the upstream economics. We have significant growth opportunities ahead of us at both Pilgangoora in Australia and Colina in Brazil, as well as selective opportunities downstream. Our financial strength means we can progress these opportunities selectively and on our terms. This gives us resilience through weaker markets and the capacity to act when opportunities emerge. The next few slides show how that strategy has translated into operating performance, lower costs, and balance sheet strength. Turning to Slide 20. Over the past three years, lithium recovery has steadily improved, moving from 67% through to just under 77%. Behind that improvement has been a consistent focus over a number of years. Test work, process improvements, and plant enhancements, including the application of whole-ore sorting technology. The result is that ore processed has remained broadly stable, whilst production has increased to a record 880,000 tonnes in the year that we're speaking to today. That is a strong demonstration of the improvement we continue to make in the operating performance of Pilgangoora. Slide 21 shows how these improvements have translated into higher production and lower unit costs over time. Turning to Slide 21 now. Over the same period, we've continued to build the scale and improve the cost position of Pilgangoora. The P680 and P1000 upgrades increased the capability of the operation, whilst the P850 operating model allowed us to phase production and protect the business when market conditions weakened. That is important, an 11% compound annual increase in production over the past five years, whilst maintaining a strong focus on lowering our unit costs. Operational changes, including our move to our owner operate mining model and our Cost Smart Future Ready program, have also improved the underlying cost base. Those operating outcomes have generated returns that have allowed us to continue to invest through the cycle, which we'll turn to now on Slide 22. Lithium is a volatile market, and our strategy is designed to use that cycle to our advantage rather than as a limitation. Over the past four years, we have allocated AUD 4.8 billion across the business, reinvesting AUD 2.4 billion, returning AUD 800 million to shareholders through dividends, excluding what we've announced today, and increasing our cash balance by approximately AUD 1.7 billion over the period. That has positioned us to continue to invest through the cycle without compromising the strength of the core business. Turning now to Slide 23 to talk about what our next chapter looks like. P2000 is the most significant growth option at Pilgangoora, with the potential to increase production capacity to around two million tons per annum. The feasibility study is progressing, with outcomes expected in the December quarter of this year. We have approved AUD 175 million of pre-FID investment to shorten the pathway to first ore if the board elects to proceed. That investment is about readiness, not pre-committing FID. Any decision to proceed remains subject to the study outcomes and board approval, as I mentioned. Turning now to Colina, which is our principal geographic diversification opportunity. Moving to Slide 24. Colina is a 100% owned project in Brazil and provides us with a significant long-term diversification option outside Australia. The feasibility study is progressing, with outcomes expected in the December quarter next year, and we continue to assess enabling infrastructure that could support future development. The approach remains staged, with development timing dependent on the study outcomes, funding, and supportive market conditions. Following year-end, we also acquired neighboring tenements to expand our position in the district. Turning now to our selective chemicals exposure on Slide 25. Our approach to chemicals remains selective and staged. We are maintaining exposure to downstream value creation through our PPLS joint venture, our mid-stream demonstration plant, and our work together with Ganfeng, whilst limiting capital commitment until the economics are proven. That gives us the opportunity to build capability and preserve future pathways without compromising capital discipline. Turning now to slide 28 for our FY 2027 forums. Looking ahead for the year we're in, FY 2027, the priority is execution. Firstly, it's about safely ramping up the Ngungaju facility and maximizing production cash generation from the Pilgangoora asset. Beyond that, we will continue to progress P2000, Colina, and our selective chemicals pathways with capital deployed in a staged and disciplined way. The aim is simple: deliver from the core while continuing to advance highly accretive growth opportunities. Turning now to slide 28 for our FY 2027 guidance. That execution focus is reflected in our guidance for the year. Production is expected to increase between 1.03 million and 1.1 million tonnes as Ngungaju ramps up. FOB unit operating costs are guided in the range of AUD 575-AUD 625 per tonnes, modestly above FY 2026 as the higher-cost Ngungaju tonnes return to the production mix. Capital expenditure is guided in the range of AUD 620 million-AUD 685 million, reflecting increased mine development, sustaining and infrastructure investment, together with the approved AUD 165 million P2000 pre-FID. Any additional growth capital outside this guidance remains subject to further decisions. Turning now to slide 29, which details how we prioritize our capital. Our first priority is the capital required to safely sustain the operation and maintain the long-term performance of Pilgangoora. Beyond that, we are evaluating infrastructure investments that can enhance the capability of the operation and position it for further growth. Growth remains selective. The P2000 pre-FID program is approved, whilst P2000 FID and the Colina pre-FID remain subject to successful studies, market conditions, and board approval. The appendix in the back of the pack provides a detailed breakdown of what is included in FY 2027 CapEx guidance and what remains outside of guidance and subject to future approval. This approach to capital deployment is prioritized, protecting the core, improving the platform, and capturing growth opportunities without committing capital ahead of returns. Turning to slide 31 for the market outlook. The long-term fundamentals underpinning electrification remain compelling. Battery costs have fallen by around 90% since 2010, making electrification increasingly competitive on economics rather than incentives alone. We are seeing that in electric vehicles. In June, more than one in four vehicles sold globally was electric, with penetration reaching 27%. Energy storage is growing rapidly as well. Global battery energy storage investment was around AUD 80 billion in 2025, and the IEA expects it to exceed US$100 billion in 2026. Behind both of these sits a rapidly changing electricity system. Under the IEA stated policy scenario, global electrification generation increases by more than 50% to 2040, with solar and wind alone reaching 46% of generation. As that share of intermittent generation increases, so does the need for energy storage. Those demand drivers are translating directly into lithium consumption. Moving now to slide 32. The growth in lithium demand is well established and has been building for years. What is changing now is the scale and breadth of that demand. Chinese battery production is up 66% year to date, whilst lithium chemical inventories have fallen to 57% over the past 12 months and now represent around two and a half weeks of demand. Looking further ahead, Benchmark Mineral Intelligence's base case for lithium demand growth is around 8% per annum to 2040, reaching 5.1 million tonnes of LCE, roughly three times the size of the market today. China remains the largest demand center, but growth is broadening materially across other geographies. In June, Europe accounted for around one in four EVs sold globally. In battery storage, year to date, year-on-year growth outside of China is even stronger. Europe up 96%, and Asia, excluding China, is up a whopping 258%, and the rest of the world up 93%. Incredible stats from the prior year. Demand is also broadening by application. Electric vehicles remain the largest end use, but stationary storage is growing rapidly, supported by a strong front of grid deployment and rising demand from data centers. The demand base is getting larger, more diversified, and increasingly global. The question is whether supply can keep pace and increasingly whether that supply can be delivered reliably. Turning now to slide 33. Meeting that demand is becoming harder. Development timelines have lengthened materially, with new projects increasingly complex, capital intensive, and slower to deliver. Benchmark estimates a potential supply gap of around 1.6 million tonnes of LCE by 2040. To put that in perspective, that is the equivalent of approximately 12, in fact, more than 12 Pilgangooras, that gap, which is an incredible scale as you think about the 10-year delivery timeframe it has taken us to bring the Pilgangoora assets where we are today. Which takes us to the point that mine development cycles have continued to extend to around 18 years, which you can see on the right-hand graph on the slide. In this environment, reliable long life supply becomes increasingly scarce and increasingly valuable. That is particularly relevant for PLS. Our platform provides customers with scale, consistent product quality, and reliable supply from a long life operation. We are seeing that value reflected directly in our commercial arrangements. Earlier this year, we executed an offtake agreement with a US$1,000 per tonne floor price, no price ceiling, no discounts, volume flexibility, and supported by a US$100 million prepayment. Post-year-end, we have executed a further agreement on similar terms, same floor price, no price ceiling, no discounts, volume flexibility at PLS's election, and a US$80 million bank guarantee for security. That structure provides downstream protection whilst preserving uncapped upside and flexibility over volumes and terms. Those terms are not offered lightly. They demonstrate the emerging premium that supply chain partners are prepared to provide for reliable supply and the value of PLS's ability to deliver. With this, just a quick shout-out to the PLS sales and marketing team led by Aaron and Mal. A fantastic set of outcomes in the year which has been a credit to the team, to your leadership, but most importantly, the strong trusted partnerships you have continued to build on the years working with PLS. Now turning to slide 34 for my closing remarks. FY 2026 was a record year for PLS and a strong demonstration of our through-the-cycle strategy in action. We improved the performance of Pilgangoora, we responded quickly as market conditions strengthened, and we converted that operating leverage into significant cash generation. That has left PLS with greater scale, a strong balance sheet, and the capacity to embed through the cycle without compromising the strength of the core business. The long-term fundamentals for lithium remain compelling. Demand continues to grow, broaden and deepen, increasing the value of reliable long life supply. We enter FY 2027 focused on safely ramping up Ngungaju, further improving the performance of the Pilgangoora asset, and capturing the growth opportunities ahead. I want to thank our team across PLS for what they've delivered during FY 2026. An incredible set of results. Thank you, team. I also want to thank our shareholders for your continued support. I appreciate many of you have remained resolute in the opportunity this incredible market presents, and more than that, your faith in PLS and the team's ability to deliver. Thank you for your support. With the platform we have built and a clear focus on disciplined execution, PLS is well-positioned to create long-term value for our shareholders. With that, Alex and Sandra and I would be pleased to take your questions. I'll now hand back to Michelle to open the floor for those questions. Thank you, Michelle. Thank you. As a reminder to ask a question, please press star one one on your telephone and wait for your name to be announced. To withdraw your question, please press star one one again. We ask that you please limit yourselves to one question and one follow-up. One moment while we compile our Q&A roster. Our first question is going to come from the line of Austin Yun with Macquarie. Your line is open. Please go ahead. Morning, Dale and the team. Saw the result and strong beating dividends. Just keen to understand the shareholder return part. This is the fully franked and following this capital allocation framework, should we anticipate a constant return even when the company goes into the high growth phase with P2000? Thank you. Yeah. Morning, Austin. Thank you for the question. As you said, we're pleased to be able to announce the AUD 0.05 fully franked dividend this year. It is at a 22% payout ratio. It sits within that 20%-30% of adjusted free cash flow, which is consistent with the capital management framework. As we look forward, in normal course of business, we'll always continue to assess the capital management framework to ensure that it remains relevant, and if there was to be any changes, we'd talk about them at that time. Obviously, the way that the dividend policy works, it does naturally flex through market cycles because it's tied to our free cash flow, and that's something that continues to make sense given the nature of the market that we're in. Yeah, and I'll just add to Alex's outline there, Austin. As you know, it's all about price. We've seen a strong improvement in the year to date. June alone, cash operating margin of more than AUD 500 million generated from the business. Just incredible returns, depending on what the headline price is. So depending what price you want to pick for the outlook, ultimately depends how we think about capital distribution. As Alex outlined, it's a ratio of free cash flow, so it naturally moderates as a function of the headline price that we're receiving. Thank you, Dale. Just on the point of flexibility, just a quick follow-up. As we get into the second half of this calendar year and the market is tightening and you highlight at the presentation the operation delivered a strong recovery result. Should we anticipate more flexibility in the grade of the product you offer to the market, given that Ngungaju is coming up online, to balance and to keep the recovery out there, continue the high level by slightly reducing the product grade? Is there any scope of that? Thank you. Yeah. Thanks, Austin. So in terms of delivered product to market, there is no change in our target product grade. What we've done with product grade is it's already optimized to maximize yield, maximize recovery, and through that, maximize return. So, no change there. With Ngungaju coming on, of course, it's another processing plant, and it gives the team the opportunity to do some more blending effectively across the two operations. But as I say, no change to the target product grade. That is clear. Thank you, Dale. Over. Thanks, Austin. Thank you. One moment for our next question. Our next question is going to come from the line of Hugo Nicolaci with Goldman Sachs. Your line is open. Please go ahead. Morning, Dale, Alexandra. Thanks for the update and congrats on a strong FY 2026. Look, good to see the plant three or P2000 progressing and getting its own name now, which is great. Just looking at the footprint you have given us on slide 23, and it looks like that is significantly larger than the P850 model you have got in the background. Am I correct in looking at that, firstly, the layout, you are going to have to relocate some of the existing waste dump and maintenance works there. Can you maybe talk to, just given the spacing you have got on the plant set up, just the future optionality you are building into P2000 and what sort of potential future debottlenecking opportunities you might have? Thanks. Thanks, Hugo. Look, as you say, the P2000 expansion, it is significant. It is doubling the capacity. What that means practically, it is essentially a new everything in terms of new ROM to tip ROM, a new crushed ore stockpile, a new front-end dry plant, a new front-end wet plant. That pictorial that you can see is essentially a 3D visualization of that. So, it is a fairly extensive build. To the question of what is in its way, there are some temporary facilities, I would call it, which are being relocated. There is a small rework at the ROM, which has already been completed to make way. But in the main, it is fairly clear area for the build of the plant, which is good. Importantly, this makes, in some ways, for a more straightforward build in that we get the benefit of a brownfields expansion in the sense that we have got existing camp and existing power, existing support infrastructure, but it is greenfields in the sense that it is spatially dislocated from the P1000 plant. Albeit there are some tie-ins, in the main, it is spatially separated. So that makes for a more straightforward build, relatively. So we are in good standing there. Great. Thanks, Dale. Then maybe turning to Brazil, just subsequent to the year, I think you spent roughly AUD 50 million buying some tenements off Lithium Ionic next to Colina. Should we think about that more as just an opportunistic bolt-on for future flexibility, or is that likely to be incorporated into your stage 1 studies at the moment? Yes. Thanks, Hugo. The intention is that will flow into the studies. Look, that particular tenure package butts up to the boundary of our existing tenure. We were keen to have it. We are having commenced a transaction, and we look forward to factoring that in ultimately to a revised study outcome, December quarter next year. Great. Thanks, Dale Thanks, Hugo. Thank you. One moment for our next question. Our next question will come from the line of Glyn Lawcock with Barrenjoey. Your line is open. Please go ahead. Morning, Dale. Just to follow up, firstly on the dividend policy, can I just confirm, you were thinking about revisiting the 20%-30% of free cash flow and maybe adopting a slightly different approach. Is that still something you're thinking about, or are you right now the 20%-30% of free cash flow, your definition remains your preferred? Thanks. Yeah. Thanks, Glyn. Look, as Alex touched on, we're applying capital management framework, as it stands, and that's what we've announced today. As to the possibility of revisiting that, of course, there's always that possibility. We're not looking to make any changes in the very near term. However, we will consider this later in the year. For the reason that several things will come together. We will have provided clarity to market on some of these capital projects, in particular P2000. Secondly, we will have had a few more months of operating within the market, and we'll see what headline pricing looks like and what the outlook looks like. Really, the sum of those things will come together, and we will continue to reassess it. Add all that, we're not saying we will change it, but it would be sensible to reassess later in the year or early next year. We'll see how we go. Alex, anything to add on that? Yeah. Great summary. I think it's something that we will naturally always consider. I think the other pieces that I'd add is as we look forward through our upcoming investments phase. We're well-placed in terms of different funding options. We've been really pleased with how the bond has traded since the issue in April. That creates a really good benchmark for us as we go forward. And so that, combined with broader market outlook. The third piece I'd add is, as we've navigated through the last cycle, the strength of the balance sheet has definitely been a strategic asset for us, and that's something that we'll always consider as well in the broader context of capital management framework, ensuring that we've got some good, strong liquidity on the balance sheet to ensure that we can navigate through any conditions and make sure we're making those right long-term decisions for shareholders. Yeah. Great. Maybe just pushing that a little bit further. When you think about the change, what is it you think you may need to do? Is it move to a payout ratio approach as opposed to percentage of free cash flow, or is it just simply the amount? Can you give us any insight into your thinking? I think as seen and with the dividends being announced within the framework and within the payout ratio, it works well for the organization that we're in. It naturally flexes based on market conditions. I think that's always important and relevant, particularly as we look to the chapter ahead and some really significant investment opportunities for us. So, 20%-30% feels like a reasonable balance and the right judgment. We'll continue to assess, but there's nothing that says that it's not suiting us well at the moment. Okay. That's great. Dale, just one final question. Just the unapproved CapEx that you call out, the sealing the road, the camp, the HME. I assume all of those need to go ahead regardless of your P2000 decision, and I'm surprised we haven't made those decisions yet. I thought we might have seen one or two of those announced today. What's the sort of timing when we get some insight into those spend? Will it come with the P2000 in Q4 or before? Thanks. Yeah. Thanks, Glyn. Yeah, look, as we've flagged, the sort of three categories of spend, the base operation, the enhanced category, and then the outright growth category. Yeah, the enhanced category, the second one really speaks to that point around investments that you would do in all cases because it lowers the operating costs overall and makes for a more resilient operation. So we do have, in that category, as you say, some investments we plan to do over time in terms of roads, camp, et cetera. And we flagged this to market, I think it was May, so not that long ago. As to timing, well, we're in study modes. Some things are out for tender, that process is in motion. And when we're ready to advise the market, we'll update you. So just look out for that one, Glyn. All right. Thanks, Dale. Thank you. One moment for our next question. Our next question comes from the line of Rahul Anand, with Morgan Stanley. Your line is open. Please go ahead. Oh, hi. Good morning, Dale and Alex. Thanks for the call. Alex, sorry to labor the point on the dividend. I know you've had a couple of questions on that. Just if we can perhaps revisit, if we're not changing the policy here, and if we just go back perhaps two, three years when you were undergoing significant CapEx, for P600, P1000. The thinking at that time was that you want to maintain a conservative balance sheet and net cash balance sheet. Obviously, the lithium markets were fairly different. If we do look forward now, I think what's changed really in the company is that you've got a really solid base of producing asset now, generating some really healthy cash flow, and perhaps you're much more protected from the lithium cycle in a way, in terms of the cash generation. I guess the question is, if you do undertake one or two projects at the same time, obviously, I'm talking about Colina here into next year or end of next year. At that time, you would assume that P2000 is still ongoing. Is there an element of conservatism that perhaps sneaks into that framework again, or is it purely the 20%-30% payout and the leverage ratio that's been defined is the right way to think about the board's thinking on the dividend from a go-forward perspective? That's the first one. Thanks. Yeah, Rahul. Thanks for the question. I think you've articulated well all of the different factors that we consider. The first piece is, as we think around the broader balance sheet and capital management, the first pillar is a conservative balance sheet to ensure that the operations through any point in the cycle give us the ability to continue to invest in sensible projects rather than needing to make short-term decisions. So that's the first thing. I think the second part that's changed as the business has naturally matured, and particularly as our funding options have matured, is we have different financing options as well that help complement what is the right amount of liquidity to keep within the business. So that's the second part that we think about. The third piece is just naturally, we will always be operating in a sector that with any commodities will cycle. So a dividend policy that's linked to different cycles makes sense. But we're also aware that for a number of our shareholders, dividends are a feature. Now, ultimately, we are a growth organization, and we believe that that is the number one priority for us and where we can deliver the best long-term shareholder outcome, is really investing in those significant projects that we have in front of us. So that will be a priority. But at the moment, we see that there can continue to be a balance amongst all of those different features that I've talked about. It doesn't need to be one or the other. [inaudible] Okay. Yep. I could probably just add, it does feel a bit of deja vu for us as a company. Back in the last cycle, we moved out of a low of AUD 400 per tonne to a high of more than AUD 8,000 per tonne. As we look forward, we were embarking on the opportunity of doubling the capacity. Fast-forward to today, it's deja vu in the sense that, yes, it's been a slightly different cycle. Rather than lows of 400, it's been lows of 600. As to where highs goes, well, you can pick the number there. As we look forward, we're essentially doubling the capacity again from this point. That's without thinking about the Colina. As we take that outlook view, it really is a case of modeling and understanding the balance of what's the price expectation for the future relative to the balance sheet we've built. This is really the thing we have to continue to triangulate on. As Alex has said, no changes slated at this time, but we'll continue to reassess in the future. Got it. Yep. Thank you for that. Dale, while I have you, perhaps the second one, you can help me on. It's more around the P1000, P2000 project. If we look at the recoveries, they've obviously been quite strong and you've had a question on that earlier. From my perspective, one thing that also helps recoveries is the head grade that you put into the plant. I do note that the head grade remains above the reserve grade. I guess my question is twofold. One is there an expectation here that it would revert to the reserve grade over the next two to four years? Or is the expectation that with P2000 coming on, you're probably going to have a better-defined reserve ore body, given your resource grade is higher than reserve at the moment? Which of those two directions should we be thinking along the lines of? Thanks. Sure. So, probably the place to start is, the good problem that we've had is, over the years, the resource has continued to grow materially as we've drilled it. Things like the average head grade have continued to change favorably. Stronger head grades for longer is ultimately what's flowed through some of those resource and those reserve upgrades. So that's been one factor which has changed. So that just really relates to what we continue to find in the ground. Separate to that is our tools and techniques to maximize resource capture, extraction, and concentration. The good news here is that we've continued to get better and better as an entity at mastering that, and the results we've announced today really speak to that, which is a multitude of new techniques and levers. We continue to talk about ore sorting, online analyzers. There's other things we do in the mine, which has enabled us to capture more resource and maximize lithium recovery. As we look forward to, ultimately, the expansion, the mission remains the same. We're looking to maximize resource capture, maximize lithium recovery, and head grade will ebb and flow as a function of principally the mine plan. So no change to the mission. There's no sort of target head grade at the moment or anything like that. It's just a function of what's been optimized out of the mine plan. As we roll forward to P2000, when we come to market with that study outcome, we'll be able to provide a bit more visibility as to how we think about maximizing lithium recovery, with that new processing plant. Got it. Thank you. That's my two. One moment for our next question. Our next question is going to come from the line of David Feng with CICC. Your line is open. Please go ahead. Well, morning, Dale, Alex, and team. My first question is regarding your contracted sales. We know that previously you have the Canmax agreement combined of floor price and prepayments. I'm just wondering, is that type of structure still attractive to other customers nowadays? Would you consider having more of this kind of contracts to protect your cash flows against potential volatility in the market, especially when you're potentially entering a new round of expansion CapEx? I'll come back with my second one. Yeah, great. No, thanks for the question. The short answer is, yes, there's been strong interest and competition around offtake and the types of terms that we announced today. That's great, and I think that speaks to the appeal of PLS as a reliable supplier. So that's good. As to PLS's objective, the answer to that is yes. We're, of course, wanting to always secure the strongest commercial terms we can and delighted with what the team's achieved here. It's another step forward on what we announced off the back of the Canmax offtake. As we move forward, we'll look to do what we can to continue to secure terms of this nature, or even better, if we can. Of course, that's the name of the game, to try and protect our business from the downside whilst also ensuring we've got exposure to the upside. We'll continue to work hard at that. Thank you, Dale. Just have a follow-up on just assuming that PPLS remains in its current operating model, could you remind us how your offtake sales to POSCO is exacted at this stage? What level of sustaining cost and expenses you would need to roughly bear in FY 2027? Sure. Let me talk to the offtake, and then Alex might want to speak to the cost. As it relates to the JV, in South Korea, the supply is 100% dependent on the volume from Pilgangoora. How that works practically is on a year-on-year basis, we sort of book in the required volume, and discussion with POSCO, our JV partner, and that gets translated to a shipping schedule. That is how we sort of manage it on a year-on-year basis. But 100% supply comes from Pilgangoora. As to cost of production for the JV, it has been sort of a period of initially ramp up, then a moderated period, and now we are moving back into essentially ramp up. So we have not yet had the opportunity to really demonstrate the JV unit cost, in terms of what is possible with maximized throughput recovery, et cetera. We do not have much of a steer yet, but we are looking forward to, in due course, being able to talk to that. Alex? Yeah, thanks, Dale. Look, exactly as Dale said, I think the first piece, obviously as an 18% shareholder, we do not disclose broader forecast and cost information at a granular level in relation to PPLS. But exactly as Dale said, so we have been pleased with the fact that there are good proof points for both trains in terms of full ramp rates and ability for that plant to be able to operate efficiently. At the moment, though, it is operating in batch mode, and so with any facility of that nature, obviously batch versus a full run rate will have a significant impact on just that cost rationalization. Thank you very much. I will pass it on. As we move on to our next question. Our next question come from the line of James Redfern with RBC Capital Markets. Good morning, Dale and Alex. Hope you're well. Thank you for the market comments out to 2040. I was just wondering if you have any sort of strong views on supply growth in, say, the next five years, and how you're thinking about the lithium market over that period with regards to the supply-demand imbalance for lithium. My second question is, has PLS ever disclosed its long-term price assumption using its forecasting? Thank you. Yeah, thanks for the questions, James. Yeah, as it relates to supply side, yeah, of course, we've continued to build an in-house view of that, and we factor in what we think are the more probable supply. For that, what we think is most probable are the various brownfields expansions, restarts. Of course, the Chinese mines are in that. When we load that all in with some quite conservative demand assumptions, the good news is that we see a more probable demand deficit occurring. The question becomes, well, where to beyond that? You have to turn your mind to the greenfields projects. What we're observing there is there's few and far between have been approved to date, let alone getting on with the build and commissioning. I think what that sets up is essentially the potential for potentially a more elongated deficit period. Time will tell. When you roll back the clock and you look in the rearview mirror, in the last price rally, what was appeared to be some of the more easier to start operations are now are all plugged in. The next wave of supply, I think it's probably going to be more challenging given that in most cases, these mines are more difficult locations or difficult domiciles. But time will tell. But for PLS as a low-cost operator, it doesn't phase us. We continue to study where we sit on the cost curve, and given the strong balance sheet, the low-cost position, the strong offtakes that we continue to secure, we're incredibly well-placed for what we think to navigate probably every part of the cycle. And yeah, we keep focused on setting ourselves for as strong as we can be in that regard. Moving to the question of, what is our long-term price assumptions? We haven't made a practice of disclosing this other than when we have done FID points, we've provided an assessment and some sensitivities around this. Typically, at those junctures, we've taken a consensus average at that moment in time. So we've done that historically. As it relates to the in-house work, what we do, and as people would expect, is we model a range of scenarios to make sure that we can comfortably navigate all parts of the cycle. Of course, within that, we're deeply focused on downside scenarios, of course, to make sure that we can comfortably navigate that part of the cycle if it was to eventuate. Okay, Dale. Thank you very much. Appreciate that. Thanks, James. Thank you. One moment for our next question. Our next question is going to come from the line of Thiago Ojea with Citi. Your line is open. Please go ahead. Hi. Thanks. Good morning, everyone. My first question is regarding Colina, just on a follow-up from previous question. I understand that the area does not only add some resources to the project, but also would help you in design the pit. If you can comment exactly how this will change the pit design, if it will. The second question, perhaps for Alex. I understand that we have a leverage policy. I just would like to understand if there is any M&A opportunity that comes up. I understand you have a lot of growth projects already in the pipeline. But if any kind of M&A opportunity comes up, would you have any kind of flexibility? This would use your EBITDA through the cycle or EBITDA spots to make these decisions. Thank you. Thanks, Thiago. I will take the first one. Alex can speak to the second. As it relates to the acquisition, it butts up right against the boundary of the existing tenure package. The benefit of that acquisition is, yes, there is an increase in resource. So, some more lithium units. We like that. As to what is the opportunity spatially as to waste dumps, mine plans, and is there a different configuration? We are really at the start of exploring that, and there is potential that this can help us, but we do not need it, and we did not need it in terms of going into this acquisition. But it is accretive, obviously, that is why we did the transaction. The team will really be working through the process of revised studies on the basis of this acquisition, and we look forward to updating more conclusively December quarter next year. Hi, Thiago. In relation to your other part of the question in M&A. As you would expect, we continue to be active and look at a whole range of opportunities. As I think will always be part of PLS's DNA. Should any of those eventuate, I think the great position that we are in at the moment is we have a number of different options, depending on what form that could take, if at all it did present itself. In relation to our leverage target, yes, that is very much a through the cycle target. We would always look at it over a two to three to four-year view. I think the other piece that we would be considering is should the board approve a P2000, then we would look forward as well to what expected EBITDA would be on an expanded operation as well when we make those considerations. I think we have got lots of optionality in front of us around should we choose a pathway of further inorganic growth, there is a number of different ways that that could be funded. Okay, thanks. Just to clarify, when you think on the leverage, if perhaps any kind of M&A opportunities arise, you would think the EBITDA in two, three years from the decision time, right? That is correct? Well, we have always said it is through the cycle. What through the cycle means is that we would be comfortable exceeding, for a short period of time, as long as on a more normalized basis, that is what the target would look to. Okay. Having said that, as you know, and as you see in the balance sheet, and whilst that target is there, PLS is historically, and as we have articulated again today, retaining a good, strong, solid underlying balance sheet and strong liquidity continues to be important to us. I would just consider both of those statements as a collective, and we will always look to find the right balance. That is clear. Thank you, Alex. Thanks, [inaudible]. We are just running out on time. We will just take a few questions from the webcast in the last few minutes. First question, what exactly are we looking for with the Ganfeng JV, a hydroxide plant or midstream in Australia, China or elsewhere? Yeah. Thanks for the question. The objective with the study with Ganfeng is to look at additional chemical processing outside of China somewhere. And we have been working together studying, globally, comparing, contrasting different industrial parks. As to what chemical type, we have been studying that too. Both Ganfeng and PLS were very open to full battery product manufacturing or potentially midstream. That is a potential option. We are studying both together and, yeah, very happy to be working together with Ganfeng because we have continued to learn a lot, which I think places both groups very well as this market continues to evolve rapidly. Okay. Thank you. Sandra, what was the reason behind the 5% reduction in emissions in FY 2026? Thanks, James. The reduction was primarily driven by improved operational and energy efficiency, including higher lithium recovery and our new fleet management system, MineStar, as well as fuel optimization. It also was aided by the Ngungaju Plant being in care and maintenance. But notably, our absolute Scope one and two emissions fell by 5% even as we had increased production. Great. Thank you. Next question. With spot pricing back above AUD 2,000, is BMX too active? If not, why the shift towards floor price term deals such as Canmax instead of capturing spot upside via the platform? Yeah. BMX is not active, but is PLS doing occasional spot sales? Yes. We've not chosen to bring BMX back online because we see the benefit as it being unlikely. The reason is the market has changed. When we initiated BMX, back in 2021, 2022, it was an important evolution of the market to enable price discovery because price discovery was few and far between. That was the principal reason for doing it, and it was very successful in enabling efficiency with price discovery. Fast-forward to today, there's much more price discovery happening. There is multiple entities doing their own forms of private competitive processes, of which PLS is doing the same. But our observation would be price discovery is now working far more effectively in the market. It's for these reasons we've not seen benefit in bringing that back because price discovery is working. We're doing spot sales. As to the question of why pursue these offtakes with floor prices? The answer there is we get the benefit of both worlds. We get the downside protection care of a price floor plus a form of security with uncapped upside. As pricing moves in the market, which is fueled by spot sales and price discovery, et cetera. That flows through to the indices, and ultimately, those indices flow through to our pricing mechanisms for these offtakes. In that respect, we get the best of both in that regard. Okay. Last question online. Can you please elaborate on the impact of data centers growth in Australia or globally on your business in the medium and near term? Yeah. The data center growth is pretty extraordinary, of course, supporting AI and other needs. Speaking to others who are close to the sector, what they have explained to me is they call it the 5 nines of reliability, where these data centers require 99.999, 5 nines, 99.9999% reliability. In order to achieve that, they are adding batteries. That is fantastic. It is another demand set for lithium, and of course, that is being drawn. It is essentially a whole new demand vector along with ESS, EVs, e-mobility, and the rest. We welcome it. More lithium. We like the sound of that. All right. We are over time. Thank you all for dialing in today and for your questions. Thank you all, and thank you particularly for our shareholders for supporting PLS. The year which was an incredible year for PLS. Record sales, record production, a 9% reduction in unit costs all time with an inflection in the market, which has flowed through to strong lifts in revenues and NPAT. Here we are, atop of a very strong balance sheet, eyes focused on making the most of this incredible market ahead of us. Thank you all for your time today. Concludes today's conference call. Thank you for participating, and you may now disconnect. Everyone, have a great day.