Paladin Energy Ltd

Thank you for standing by and welcome to the Paladin Energy Limited September 2025 quarterly results call. All participants are in a listen only mode. There will be a presentation followed by a question and answer session. If you wish to ask a question you will need to press the star key followed by the number one on your telephone keypad. I would now like to hand the conference over to Mr Paul Hembrough, CEO. Please go ahead.

Good morning, everyone, and thank you for joining Paladin Energy's September 2025 quarterly investor conference call. With me today are NSILO Chief Financial Officer, Alex Rybak, Chief Commercial Officer, and Paolo Raffo, our Head of Investor Relations. We had a solid start in the first quarter of the financial year at Loma Heinrich, with mining activities increasing significantly and the overall ramp-up progressing steadily in line with our plan. I'd like to note from Paolo achieved at Lange Heinrichs during this quarter. Record quarterly production of 1.07 million pounds of uranium, the highest since the mine restart. Total material mined was up 63% from the previous quarter at the mine. Average realised price increased to $67.40 per pound, while unit production costs were $41.60 per pound. Total recordable injury frequency rate of 3.2 per million hours worked on a 12-month moving average basis better than the company's safety target. There were no serious environmental or radiation incidents or breaches of the environmental compliance requirements during the period. Importantly for Paladin, in the future program we have made significant progress at the Patterson Lake South project with completion of a comprehensive review during the quarter, confirming robustness of the project and de-risking its development and operation. The strong economics support our unwavering commitment to bring the PLS project into production by early next decade, while continuing to de-risk the development through fees and conducting further exploration to identify future expansion opportunities. An important step moving forward with the development of PLS was the appointment of Dale Huffman as President of Paladin Canada. Dale will be joining the company on the 20th of October. Additionally, the team in Canada continues to progress permitting activities for CLS, including the final environmental impact statement. We have also been progressing consultation with Indigenous nations and local communities, while continuing engagement with provincial and federal regulators. As the newly appointed MDN CEO, I was personally pleased to see the strength of investor and market support for our fully underwritten $300 million equity rating completed in September. which provides the balance sheet flexibility to support both the PLS development and the LHM ramp-up to full mining and processing plant operations planned for FY2027. Looking ahead, our focus remains on completing the Laing 100 ramp-up by the end of FY2026 and advancing the development of the PLS project. I'll now open the call to questions.

Thank you. If you wish to ask a question, please press star one and wait for your name to be announced. If you wish to cancel your request, please press star two. If you're on a speakerphone, please pick up the handset to ask your question. The first question comes from Raoul Anand from Morgan Stanley. Please go ahead.