Thank you, Desmond, and thank you to everyone on the call for joining this briefing on Yancoal's second quarterly production report for 2026. We have several members of Yancoal's executive leadership team to recap the quarter and participate in the question and answer session. The commentary provided today is based on the quarterly production report published on the Australian Securities Exchange and the Stock Exchange of Hong Kong announcement platforms on the July 20th. There is no presentation pack for this conference call. The Yancoal website holds past presentations for any participants who require additional information on the company. I'll hand over to our Chief Executive Officer, Sharif Burra, to provide Q2 highlights. Thank you, Brendan. I also welcome everyone joining us on today's conference call. Before I touch on those, it's important to acknowledge our total recordable injury frequency rate increased over the past quarter. I'm a firm believer that safety, productivity, and cost efficiency are closely linked. We've already taken steps to counter the recent trend through targeted safety intervention activities. Fortunately, the safety performance did not impact production in the Q2. We delivered a quarterly production record of 10.8 million tons of attributable saleable coal. As anticipated, the operational focus shifted from overburden removal to coal recovery during the quarter. Production was up 20%. The quarterly performance carried us to a H1 production record. 19.8 million tons of attributable saleable coal production, which was 5% ahead of the H1 last year, putting us on target to exceed last year's production record and deliver in the upper half of the 2026 guidance range. In April, we announced the Kestrel transaction and have since made good progress on the required approvals. Several conditions precedent have already been satisfied, including the Foreign Investment Review Board approval. The target date for completion is towards the end of September quarter 2026, but could occur earlier if everything falls into place. While it is pleasing to report production records and delivering growth initiatives, at times, we need to make difficult but necessary decisions about our assets. In late June, Yancoal made the decision to cease operations at Ashton from early 2028. The decision was made necessary due to a combination of technical, geotechnical, and economic challenges. Our immediate focus is on supporting our workforce and their families through this period. This includes exploring redeployment opportunities where possible, along with providing career transition support and wellbeing assistance. I'll now hand over to other members of the executive team to share further details from the Q2, starting with David Bennett, our Executive General Manager of Operations. Thank you, Sharif. Three months ago, we discussed the outlook and potential implications if diesel supply was constrained. So far, this scenario has not developed, and our operations and procurement teams continue to work closely with our diesel suppliers regarding continuity of delivery. We have a rolling two-month commitment for diesel supply, and as can be seen in the Q2 performance, our mines continue to operate to plan. The outlook for our cash operating costs has improved since we released the Q1 report in April. We are still incurring higher diesel prices, but the overall outlook for impact on our 2026 operating costs has eased slightly. As Sharif mentioned, we delivered a quarterly production record and a first-half production record. These records were made possible by producing 17.5 million tons of ROM coal, a 17% uplift compared to the Q1. From the ROM coal, we produced 13.8 million tons of saleable coal, also 17% more than the Q1. Our attributable share was the 10.8 million tons Sharif referenced. Moolarben and MTW were strong contributors to the performance. Moolarben's open cut and underground mines both operated at or above target levels for most of the quarter. This supported elevated feed rates into the coal handling and preparation plant. The 23% increase in saleable coal production was better than we had targeted. MTW had favorable operating conditions throughout most of the quarter and improved equipment reliability. The overall operational performance was just ahead of target, delivering a 34% uplift in saleable coal production from the prior quarter. Ashton, however, encountered challenging mining conditions caused by the presence of hard strata in the coal seam. Its production dropped by 20% and needs to improve in the H2 to avoid putting upward pressure on the group operating cash costs. I will now hand over to Brendan Fitzpatrick to provide commentary on the coal markets on behalf of Mark Salem, our Executive General Manager, Marketing and Logistics. Thank you, David. Our attributable sales were 11.6 million tons, an increase from the prior quarter, reflecting both the highest saleable production and the timing of shipments relative to the reporting period. During the quarter, the Argus McCloskey API 5 Index averaged $96 US per tonne, up 19% from the prior quarter, and the GC Newcastle Index averaged $135 US per tonne, up 14%. By contrast, the metallurgical coal indices we referenced were both similar to the Q1. The Platts Low Vol PCI Index averaged $161 US per tonne, and the Platts Semi-Soft Index averaged $143 US per tonne. Our overall realized coal price for the quarter increased 9% to AUD 160 per tonne. While this included an 11% higher average price for our thermal coal, most of the positive impact from the Q2 uplift in the thermal coal indices should flow through to subsequent quarters. Energy markets were volatile over the past three months. End users, traders, and speculators had to weigh geopolitical risk factors against supply and demand fundamentals, with many governments taking proactive action to secure energy supply. By the end of the quarter, speculative trading activity was abating on expectations that oil and gas supply recovery was underway, despite liquified natural gas Asian spot prices having increased more than 75% since the US-Iran conflict commenced. Thermal coal imports into most of the regions we supply have increased over the first five months of 2026 compared to 2025. There were several common thematics driving the uplift. LNG pricing, availability, or conservation was a primary factor. Also, higher power demand and lower hydropower generation associated with the El Niño weather cycle developing this year was a factor. At the same time, international seaborne supply from most major exporting countries has fallen year-over-year. Australia is an exception, but elsewhere, various regulatory or logistics constraints have hindered supply. Turning to the metallurgical coal markets, we observed a strengthening steel market and stable demand for metallurgical coal. While China required additional metallurgical coal imports to counter reduced domestic output following the Shanxi mine accident, which led to the temporary suspension of production at 135 mines. I will now hand over to Kevin Su, our Chief Financial Officer, to address the financial position. Thanks, Brendan. Sharif recognition there is a possibility the cash transaction might complete earlier than initially expected. We are ensuring that loan and working capital facilities required will be ready should this scenario occur. We ended the quarter with over AUD 2 billion in the bank. In the cash flow announcements, we said between $650 million and $850 million of the upfront payments will be funded with cash. The final amounts will be determined by the cash accumulation from now and completion late in the Q3. Sharif also described the expectation for our production to raise the upper half of the guidance range, and Brendan just indicated the higher realized prices we are likely to achieve in the Q3. We will determine the optimal cash funding components for the transaction based on these factors as the completion date approaches. The third element of our guidance for 2026 is the capital expenditure. We now project the expenditure will likely be at the low end of the range as some expenditures slips to 2027. We look forward to providing more detailed commentary on this and other aspects of financial performance in our H1 results next month on the August 19th. I will now hand back to Brendan to coordinate the Q&A session. Thank you, Kevin, David, Sharif, for highlighting the drivers of our Q2 performance. We will now move on to the question and answer session, starting with questions from the phone, then moving to questions submitted via the webcast. Desmond, could I please ask you to initiate the process of questions via the phone, and I'll keep an eye on webcast questions as they accumulate. Certainly. As a reminder, to ask questions on the phone, please press star one one and wait for a name to be announced. To cancel your request, you can press star one and one again. There are no questions from the phone line. Please continue. Thank you, Desmond. I'll come back to you to check if a question's coming through on the phone line. In the meantime, looking at the webcast questions. First question for you, Kevin, on the financial aspects of the quarterly. The cash balance was steady at just over AUD 2 billion, consistent with the March quarter. Can you please share with us the various movements such as net mining cash flow, capital expenditure, and any other major items of cash flow that led to this steady outcome? Thanks, Brendan. That's a very good observation. Yes, we do have pretty much the same cash balance for Q2. A few things I would like to highlight and share with investors. One is we have paid our final dividends for AUD 1.61 billion in April. We also have paid a deposit for Project Kestrel, which cost us about AUD 56 million-AUD 57 million. That's about $40 million. In addition to these two special payments, I would like to also highlight some mismatch or temporary volatility of our cash flow. For example, on June 30th, there is a payment batch of AUD 133 million, and then the next day, July 1st, there's a receipt of AUD 100 million. That's roughly about $68 million. For that reason, you can see this temporary volatility may cause our cash balance to fluctuate quite a lot. long story short, I think there's still very strong operating cash flow. Thanks. Thank you, Kevin. I do see some advice coming through that the volume might not have been picking up particularly well. We'll just get the microphone proximity a little closer for you for this next question. A few people on the webcast have asked what comments we can make about dividend and the dividend outlook as we head into the half-year results coming out in a month's time. Thanks, Brendan. I think from Yancoal's perspective, the dividend position has been pretty consistent. We have been making the same position. We will be paying from a general guidance perspective, I would say the 50% NPAT or 50% free cash flow, whichever is higher, and subject to the Board's final decision. We are pretty much still following the same indication to the market for now. Thanks. Thanks, Kevin. Desmond, I believe we have a question coming through on the phone line. Could I go to you for that question, please? Certainly. We have a question from the line of Glyn Lawcock from Barrenjoey. Please ask your question. Thanks for your time. Yeah, just had a question on closing of the Kestrel acquisition, which you said hopefully will complete before the end of September quarter. I know you've got the Australian Foreign Investment Review Board approval. What are the key regulatory outstandings now then to get it to complete by the end of the September quarter? Are they fixed in time, or could they slip? Thanks very much. Yeah. Thanks for the question. At this point in time, we're reasonably confident that the further clearances and waivers that we need are in hand. There is obviously always the chance they could come forward or slip. At this point in time, we're reasonably confident that they will complete as we plan. Sorry, is there a particular one? Is it one of the Chinese authorities that needs to sign off? I mean, obviously Foreign Investment Review Board was a big one to get from the Australian side. Is there one particular one that is most important to get signed off? Hi, Glyn. Brendan here. Appreciate the question. You are quite right. The Foreign Investment Review Board was one of the most critical steps for us. The majority of the ones remaining relate to international regulatory competition from various nations. We are working through those processes, supplying the information that is required that allows the various bodies to reach a level of understanding and comfort with the proposed transaction. As Sharif suggested, they are proceeding. We think they will complete on time or ahead of time, until they complete, we cannot be definitive on the schedule, but we are optimistic. There is no red flags, though, Brendan, I guess is the key message. Quite the point. We are quite confident that we are progressing towards completion, it is just a matter of timing and sequencing, we still need to go through the processes, far be it from us to be explicit until such a time that all things are put in place. All right. Thanks very much. Thank you, Glyn. Desmond, any further questions from you before I go back to the webcast? To ask question, please dial star one and one and wait for your name to be announced. There are currently no questions from the phone. Please continue. Okay. Looking at some of the webcast questions. A question coming through on coking coal price indices. I suspect this is related to some of the recent media commentary coming through. Do we think coking coal indices, the pricing structures are working well? Do we think any reform is needed? Yeah, thanks, Brendan. Look, we're certainly aware of the recent editorial from a POSCO executive on coking coal price mechanisms. Yancoal's got a very respectful and productive relationship with POSCO, which is a valued customer and partner of ours. At this point in time, we won't be speaking publicly on this issue. Thanks, Sharif. Earlier, David mentioned the diesel cost impact on the company. One of the questions coming through is what is the current proportion of diesel cost impact on the company, and how does the company manage the diesel costs? What I can say on that one is we've previously disclosed that last year, direct diesel costs comprised AUD 7 a ton of the AUD 92 per ton cash operating costs we reported for 2025. We started the year with a forecast for a similar level of diesel price within the AUD 90-AUD 98 cash operating cost per ton we'd guided for this calendar year. At the Q1 production report, we talked about the higher diesel prices and the forward curves we were contemplating. We allowed for primarily the higher diesel price lifting the cash operating costs towards the upper end of the guidance range. There is some easing of that diesel cost pressure and outlook. We've said we'll still be in the top half of the cash operating cost guidance range, perhaps no longer at the top end of the guidance range. There are other elements we need to be mindful of as we work through this H2 for 2026. Hopefully, that's provided some context for the diesel price impact. A question from Hannah Young at Morgan Stanley. Hannah asks about the Ashton mine, which is, in her words, been suspended this year. I note that the closure actually takes place in 2028, Hannah. We are operating through until that period of time. Hannah is asking the question, do we expect any impairments this year in relation to the actions taken at Ashton? Thanks, Brendan. I might provide some clarity here. There will be several phases to ending Ashton's mining operations. The initial reduction of planning and development activities, which we've undertaken. The completion of development mining in the Pikes Gully seam in early 2027, and completion of longwall mining in the Pikes Gully seam in early 2028. It is a staged approach. The longwall will keep operating through until 2028. It's more the immediate impact of development activity. I'll hand the impairment question over to you, Kevin. Thanks, Sharif. Yes, just what Sharif just mentioned, unfortunately, we will have to shorten the mine life of Ashton as a result from accounting for space. There will be corresponding accounting treatments. It's not necessary to be an impairment, but it is somehow going to be reflected in our financial accounts through different recognition. One thing I think worth to be mentioned, as I just mentioned about our dividend position, Yancoal's dividend is between 50% free cash flow or 50% NPAT. For such accounting treatment, it's going to be non-cash. It will not impact our free cash flow as such. We are not expecting this will have any impact on our position about dividend. Thanks. Thanks, Kevin. I'll stay with you for another financial question. It relates to the Kestrel acquisition. The question is: Is there any project-level debt to be taken on with the Kestrel acquisition? Thanks, Brendan. Just a very good question. Probably I will split this question into two. One is we will be getting debt, not at a project level. The current Kestrel level debt will be repaid, and then we will replace it with a Yancoal corporate-level debt. We have announced it in the previous Kestrel announcement, which is $1.2 billion that we are intending to take out. We also prepared another $250 million working capital facility. It's not necessary for us to take. Thanks. Thanks, Kevin. Desmond, I'll just check. It doesn't appear to be the case. Are there any further questions coming through on the phone lines? I'm getting towards the end of the webcast questions. As a reminder, to ask questions, you can press star one and one and wait for your name to be announced. At this time, there are no further questions. I beg your pardon. One moment for our next question. You have a question from the line of Mark Charles Patterson from Bell Potter Securities. Please go ahead. Good morning, guys. Good morning, Mark. How are you? I'm very well. Congratulations on a good quarter. Just a quick question on drivers of profitability. Obviously, in Australia, I think Yancoal are unique because they've got exposures to API 5, which obviously the other New Hope in the Whitehaven are exposed to the NEWC. Obviously, there's a big jump in API 5. Can you just give a brief on profitability of the company and what is actually the major driver? Obviously at AUD 96 for the quarter, I look back to FY 2024 was really you did AUD 6.8 billion revenue, AUD 2.6 EBITDA and your API 5s are 93, 89, 87, 88. Now you're at 96. How does that increase API overlay on profitability, operating margin and sort of direction of the profit of the company? Thanks, Mark. Appreciate the interest in the components contributing towards Yancoal's revenue, cash flow and profitability. Skews slightly towards better than 50% API 5 product, but we do have a good component of the GC Newcastle style product as well, and some products that sit in between the two indices. We typically suggest that most of the coal coming out of the Hunter Valley proper, which is MTW and HVO, is predominantly the GC Newc style coal, with some lesser components being a semi-soft product. It depends which seams we're operating in and the coal qualities that we're getting in any period of time. By contrast, the Moolarben mine sits further west in a different coal basin. We predominantly get the API 5 style product out of Moolarben. If we look at the quarterly production report on the second page, we can see the volumes coming out from each mine on 100% basis, and we can see that the equity stake or the interest we have in each of the mines. That allows people to gain an insight into the production components coming through from each of the operations and the equity stake we take from those mines. We've got a good spread of coal products. Yes, we do have a greater exposure to the 5,500 kilocalorie or the API 5 product than most of the Australian exporting peers. The rising API 5 price in US dollar terms is certainly constructive. Whilst we don't talk about mines individually when it comes to cash costs, we've generally acknowledged that the Moolarben mine, particularly with the underground component, is one of the lowest cost operations within our portfolio. That combination of a strengthening API 5 price with low cost production out of Moolarben certainly contributes to the company's overall profitability, and we look forward to being able to provide some more detailed comments around the financial performance achieved through the H1 when we report the results on the August 19th. Brendan, just one final one. Just on Indonesia, obviously that is a big exporter in that API 5 market into China. Is there any updates? Obviously, start of the year, we're talking about sort of cutbacks and lower seaborne trade there. Obviously, I think it's got a bit confused in the last couple of months or so. Have you seen any updates on their export levels or their centralized of shipments out of that country? There's certainly indications. The market's behaving as if there'll be some impact on exports out of Indonesia. We're looking for more definitive information on that topic. I might just check. I believe one of our colleagues, Mark Salem, EGM for Marketing and Logistics, might have been able to join us late on the call. His comments on his behalf earlier. Mark, are you online, and are you able to comment on what we see and are hearing with regards to thermal coal exports out of Indonesia? Yeah, sure, Brendan. Sorry, I've joined late. I've just had a prior other meeting. Very simply, the Indonesian approach in terms of having a central selling unit won't really come into place until September. Up until that time, we really haven't seen any significant changes in China's imports of Indonesian coal. There has been a little bit of a decline, nothing substantial, and we're watching that quite closely. We do feel that that's having a little bit of an impact on the API 5 market as the buyers are trying to secure probably a little bit more Australian coal. We haven't seen any dramatic moves in that area yet. It's something we're watching post-September. We'll be watching it very closely as part of our Q3, Q4 sales profile as well. Thank you, Mark. Back to Mark from Bell Potter, was that sufficient for your needs? That's lovely. Thank you, guys. Thanks for joining us. I don't see any other phone questions coming through. I've got one last webcast question that I'll ask. If anyone wants to participate, this is almost your last opportunity. Turning to Mark Jacobs, I'll ask for an observation on the extension for the mining license at Hunter Valley Operations. There's been some activity in regards to that process in recent times. Thanks, Brendan. As you would have seen from the quarterly production report, HVO is currently going through a public hearing process in front of the Independent Planning Commission. The project was referred to the Independent Planning Commission to conduct a public hearing and to make a determination. The first two days of the public hearing occurred last Thursday and Friday in Branxton. There is a further session scheduled for tomorrow, which is an online session. There have been speakers both in favor of and opposing the mine, as we would have expected. We're confident that the impact assessment has been robustly conducted. There is a very comprehensive assessment report by the Department of Planning, and in particular, the Environmental Protection Agency has confirmed that the emissions profile of the mine is consistent with New South Wales' necessary emissions trajectory. Without wanting to preempt the process, the IPC will complete its process, and it's been directed to hand down its decision in early September. Thank you, Mark. We've had one extra question come through in the last minute. I'll stick with you on this topic. It relates to the Moolarben Open Cut 3 or OC3 extension approval process. What can we say on that matter? Thank you again. That project had been referred to the Independent Planning Commission, we have updated and amended the project application to include some additional biodiversity areas or biodiversity enhancement areas, which was a recommendation of one of the independent expert advisory panels who were advising the government. That process is not yet completed. There are a couple of additional questions that have been put to us by one of the regulators, we expect that we will complete our process and hand it back to the government within the next month. After that, they will complete their revised assessment, we expect the project to be referred back to the Independent Planning Commission later this year for determination. Thanks, Mark. Another question has since come through from Eunice at Millennium. She recognizes the strong performance in the Q2 and asks how we should think about the lowering of the cost guidance. Is it primarily due to the increased production to offset the fixed costs? How is diesel price factored into the percentage of costs in the Q2? I'll go to Sharif for the first comment. Thanks, Eunice. Obviously, a mixture of a few things. Higher production obviously has a positive impact on our costs. Having said that, we are taking a very disciplined approach to our productivity and costs across the group. That's also contributing in terms of productivity and cost discipline. With regards to diesel, we don't provide detail to those specifics in nature. If you reflect on the comments Brendan made previously and that we've made in the Q2, given that diesel prices haven't materially increased to the extent that we had thought it would, we have backed down those forecasts slightly, which is also contributing to a better outlook in the H2. Thanks, Sharif. One more question has come through on the webcast. Kevin, looks like this one will be for you. It relates to the financial outlook and asks the question, what is the probability of Yancoal coming to the market for capital? Thanks. I would assume this question relates to coming to the market for equity capital, the capital equity raising. I think so far there's no immediate plan to go to the market for equity raising. That's a short answer. Thank you, Kevin. All right. We've addressed all the questions on the webcast. I do not see any further questions coming through on the phone line. I'll hand over to Sharif, if you could provide some closing remarks before we end the call. Thanks, Brendan. At the halfway point in the year, we're looking forward to a great H2. We're on track to exceed the production record we set last year. The operating cost outlook has improved modestly from what we anticipated three months ago. Our realized price has yet to fully capture the benefit of second-quarter thermal coal prices. The Kestrel transition work is progressing well, and securing the FIRB approval was a notable step towards the potential early completion. Production, realized price, and operating costs are the primary drivers of our financial performance. We look forward to speaking with you again in just over a month's time when we release our H1 results for 2026. Thank you for joining us. Have a great day. Thank you. Desmond, could you please conclude the call? That does conclude today's conference call. Thank you for your participation. You may now disconnect your line.